Capital One plans to lay off 111 employees in Houston, as it looks to consolidate back-office jobs responsible for deposit processing.

A spokesman for the $324 billion-asset bank confirmed the layoffs Tuesday. The job cuts will be phased in between January and April of next year.

"As part of its regular business review to ensure that Capital One Bank is operating as efficiently as possible…we have made the decision to exit our bank operations site in Houston in the first quarter of 2015," the spokesman wrote in an email.

Work currently handled by the Houston operations division will be transferred to Capital One offices in St. Cloud, Minn., and Wilmington, Del. New positions will be added at both locations.

News of the job cuts was reported by the Houston Chronicle.

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