Capital One Financial Corp.announced plans to consolidate its direct-to-consumer auto lending business by relocating its Internet auto finance operations, currently based in San Diego, to its existing site in Plano, Texas. This move would effectively eliminate roughly 290 internal positions and result in the San Diego location's closing by the end of 1Q06. A company release said that the move is aimed at leveraging the scale of the existing operations as well as increasing efficiency. Capital One also announced that, with this closure, about 200 new positions will be available in Plano and affected San Diego-based employees could transfer to its Texas facility.
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