THE GREENSBORO TIMES 15 Racial Discrimination > from page 10
the needs of our customers, the communities we serve, and Capital One,” the bank said.
Last June, Capital One said it closed its seven San Antonio- area branches as part of cost-cutting measures. About 40 of the bank’s employees lost their jobs as a result of the closures. MySA reported that were also dozens of branch closings in 2016.
Company Chairman and CEO Richard Fairbank told analysts on a
conference call last January that the company “recognized $160 million in branch optimization costs last year.”
“We regularly review our entire network, which includes opening
branches, improving current branches and closing or consolidating branches. It’s an ongoing process,” Amanda Landers, a company spokesperson told MySA last year.
In November, the company announced it was laying off 950 people in Plano, as it exited the mortgage and home equity business and closed a call center.
“It was a difficult decision to make and we recognize the effect that it will have on our customers and associates,” Landers said. “It was a business decision based on the long-term cost, real estate and customer needs of this market location and not a result of individual associate or organizational performance.”
Capital One is either closing or has already closed banking centers in
Beaumont, Corpus Christi, Fort Worth, Harlingen, Houston, McAllen, San Antonio, Texarkana, and Tyler, according to the company’s filings with the Office of the Comptroller of Currency, the Statesman reported.
The branch closures follow industry trend as consumers opt to use
institutions’ websites and mobile apps as opposed to going to the physical store locations to conduct financial transactions. NAACP’s suit, however, alleges that Capital One has engaged in a conscious and deliberate plan to close banks in black and Latino communities while keeping ones in white communities open.
Joining NAACP in the lawsuit is the League of United Latin American Citizens, and Laurie Vignaud, a former Capital One employee.
The suit alleges that Vignaud, an African American female, was
involved in monitoring “the knowledge and reactions of the black and Latino communities” on behalf of the bank. Vignaud repeatedly brought to her superior’s attention that the bank was violating the law by discriminating against minority communities, the suit alleges.
A spokesperson for the bank said the suggestion that the bank “monitors” the groups is offensive.
“Capital One has long believed that engagement with our customers and our communities is critical to understanding their needs,” the bank said. “This includes long-standing partnerships with community groups and advocacy organizations, hosting and participating in community- oriented events, and conversations with customers and local leaders to discuss mutual priorities and issues of shared concern.”
In a press release, NAACP said Vignaud “ceased being offered
developmental and promotional opportunities while the same opportunities were being offered to less-qualified white employees.” The suit alleged that Vignaud was removed from work assignments which were, in turn, being directed to her white colleagues. She was advised that her marketing strategies were not effective but the suit claims that her strategies were later used as a model for Capital One nationally. As a result, Vignaud who has been with the company for nearly two decades was fired.
“All the allegations in this case are baseless and we will vigorously defend ourselves in this matter,” the bank said.
Efforts to reach representatives from the NAACP were unsuccessful.
Shout-Out Line 662-2606
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