Capital One has cut more than 1,100 tech jobs which were originally hired as part of investments to improve tech efficiency.

In recent months, banks including Credit Suisse, Goldman Sachs, Morgan Stanley and Bank of New York Mellon have begun to make cuts of over 15,000 jobs - representing the biggest slash since the 2008 financial crisis.

Reports indicate that Goldman Sachs is set to let go of around 3,000 employees as part of cost-cutting measures, while Credit Suisse is gearing up to cut more than 10 per cent of its European investment bankers in 2023.

A spokesperson for the multinational holding bank told Bloomberg the ‘role eliminations’ were “incredibly difficult”.

“The agile role in our tech organisation was critical to our earlier transformation phases but as our organisation matured, the natural next step is to integrate agile delivery processes directly into our core engineering practices,” Capital One said.

Capital One said the announcement was not a reflection on these individuals or the work they have driven on behalf of its technology.

“Employees’ contributions have been critical to maturing our software-delivery model and our overall tech transformation,” it said.

Capital One chief executive Richard Fairbank highlighted the firm’s technology investments during an investor conference last month.

“We have invested very heavily in technology and we continue to do so,” Fairbank said. “At the same time, along the way, the ability to generate efficiencies with respect to tech cost itself — what we call tech-on-tech efficiency benefits — is really significant.”

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