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Article updated: 12/6/2012 7:01 PM

Capital One moves suburban workers to Chicago

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By Daily Herald Staff Report

Capital One Financial Corp. said Thursday it will open a new office in downtown Chicago with about 350 jobs, including some from the suburbs, by subleasing about 65,000 square feet in the former headquarters of United Airlines at 77 West Wacker Drive.

Capital One has about 1,000 workers in the area and expects to grow over the next two years as the company moves from existing to new locations, including one at the Rolling Meadows Atrium Corporate Center. The majority of associates at the downtown location will relocate from other sites across the Chicago suburbs, the company said.

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"Since our acquisition of the HSBC U.S. credit card business last May, we have been working hard to determine the best footprint for our business and we've found that Illinois understands and appreciates the critical importance of a strong financial services industry," Ian Cunningham, managing vice president, Capital One U.S. Card, said in a statement.

A Capital One spokesman was not immediately available for comment.

The new office will house Capital One's U.S. Card business, which will move into the space in the fourth quarter of 2013. The building is owned by State Teachers Retirement System of Ohio.

Chicago will join McLean and Richmond, Va., as the primary hubs for Capital One's U.S. Card business.

Chicago Mayor Rahm Emanuel worked with the city's Department of Housing and Economic Development to encourage the move.

"Capital One's decision to locate its U.S. Card business in Chicago is a testament to the vibrancy, talent and quality that our downtown has to offer," he said. "We look forward to a great partnership with Capital One and the tremendous value they will bring to our local community as the company creates jobs now and in the future."

Headquartered in McLean, Va., Capital One Financial Corp. (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One N.A., and Capital One Bank (USA) N.A., had $213.3 billion in deposits and $302.0 billion in total assets outstanding as of September 30, 2012.

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