Capital One yesterday announced plans to close its Fredericksburg, Virginia operations center to reduce operating expenses. The closure, scheduled for December 1st, will affect approximately 650 employees. Cap One says all of the employees will be offered positions at other Virginia locations, primarily in the Richmond area. The card issuer said it will honor its existing community commitments. In the first quarter, Cap One reported profits of $309 million driven by a $112 million decline in marketing expenses, according to CardData ([www.carddata.com]).