Citizendia

Capital One Financial Corporation
TypePublic (NYSE: COF)
FoundedRichmond, Virginia 1988
HeadquartersMcLean, Virginia, USA
Key peopleRichard Fairbank, CEO
Gary Perlin, CFO
IndustryFinancial Services
ProductsCredit Cards, Loans, Savings
Revenue$15. A public company usually refers to a company that is permitted to offer its registered securities ( Stock, bonds, etc The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. This article is about the city of Richmond the capital of the Commonwealth of Virginia. McLean (pronounced "mick-CLANE") is an Unincorporated community located in Fairfax County in Northern Virginia. The United States of America —commonly referred to as the Richard Fairbank founded Capital One with Nigel Morris in 1988 and is currently the Chairman and A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator Gary Perlin was born in Chicago, Illinois. He is the current Chief financial officer (CFO of the Capital One Financial Corporation and former For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" Financial services refer to services provided by the finance industry. In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need A credit card is part of a system of Payments named after the small Plastic card issued to users of the system A loan is a type of Debt. This article focuses exclusively on monetary loans although in practice any material object might be lent In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services 19 billion USD (2006)[1]
Operating income$4. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been In financial and business Accounting, earnings before interest and taxes (EBIT is a measure of a firm's profitability that excludes interest and income tax expenses 93 billion USD (2006)[1]
Net income$1. Net income is equal to the Income that a firm has after subtracting costs and Expenses from the total Revenue. 57 billion USD (2007)[2]
Employees31,800 (2006)[1]
Websitewww.capitalone.com
Capital One Bank in Wake Village, Texas
Capital One Bank in Wake Village, Texas

Capital One Financial Corp. Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages Wake Village is a city in Bowie County, Texas, United States. (NYSE: COF) is a McLean, Virginia-based bank holding company specializing in credit cards, home loans, auto loans, banking, and savings products. The New York Stock Exchange ( NYSE) is a Stock exchange based in New York City. McLean (pronounced "mick-CLANE") is an Unincorporated community located in Fairfax County in Northern Virginia. A bank holding company is a company with significant ownership of one or more Banks United States A bank holding company, under the A credit card is part of a system of Payments named after the small Plastic card issued to users of the system A mortgage is the pledging of a property to a Lender as a security for a Mortgage loan. A loan is a type of Debt. This article focuses exclusively on monetary loans although in practice any material object might be lent A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money Savings accounts are accounts maintained by retail Financial institutions that pay Interest but can not be used directly as Money (by for example A member of the Fortune 500, the company helped pioneer the mass marketing of credit cards in the early 1990s, and it is now the fourth largest customer of the United States Postal Service. [3]

Capital One was founded in 1988 by Richard Fairbank and Nigel Morris as a spin-off of Richmond, Virginia-based Signet Banking Corp (which was subsequently acquired in 1997 by First Union Corp.). Richard Fairbank founded Capital One with Nigel Morris in 1988 and is currently the Chairman and Nigel Morris is a businessman who co-founded Capital One with Richard Fairbank, and retired as COO in 2004 Wachovia Corporation ( based in Charlotte North Carolina, is a diversified Financial services holding company provided via its operating subsidiaries a broad

Capital One entered the retail banking market with its acquisition of New Orleans, Louisiana-based Hibernia National Bank in 2005 and Melville, New York-based North Fork Bancorporation in 2006. Retail banking refers to banking in which Banking institutions execute transactions directly with consumers rather than corporations or other banks New Orleans (nʲuːˈɔrliənz nʲuːˈɔrlənz French: La Nouvelle-Orléans) is a major United States port city and the largest city in Louisiana Hibernia National Bank, founded in 1870, was a personal banking and commercial lending institution headquartered in New Orleans Louisiana. Melville is a hamlet and Census-designated place in the town of Huntington in Suffolk County on Long Island, New York North Fork Bank was an American bank from 1950 until 2008 when it became Capital One Bank (after the name of its new parent North Fork Bank and Superior Savings of New England, both subsidiaries of North Fork Bancorporation, began using the branding of Capital One Bank on March 10, 2008. [4][5]

Capital One responded to the 2007 subprime mortgage financial crisis by jettisoning its mortgage platform, GreenPoint Mortgage, due in part to investor pressures. The subprime mortgage crisis is an ongoing financial crisis characterized by contracted Liquidity in global credit markets and Banking

Contents

Divisions

Capital One Auto Finance

Capital One Financial Corporation is the parent company of [Capital One Auto Finance], or COAF, based in Plano, Texas. A holding company is a company that owns part all or a majority of other companies' outstanding Stock. Plano (ˈpleɪnoʊ is a city in Collin and Denton Counties in the U After buying PeopleFirst, it became the largest Internet auto lender, as well as one of the top US auto lenders overall.

The company, which previously sold auto loans only through direct mail and auto dealerships, lets auto owners refinance existing auto loans and shoppers apply for new auto loans online. Direct mail, also known as junk mail, advertising mail or admail, is the delivery of advertising material to recipients of postal Mail. A car dealership or vehicle local distribution is a business that sells new cars and/or Used cars at the Retail level based on a dealership contract Refinancing refers to the replacement of an existing debt obligation with a debt obligation bearing different terms A decision usually comes within 15 minutes, after which the buyer receives a "blank check" for up to the approved auto loan amount, which the buyer uses to purchase a car. A blank cheque ( blank check, carte blanche) in the literal sense is a Cheque that has no numerical value written in but is already signed To the dealership, it is as if the buyer were paying cash. The checks can be used to purchase a new or used vehicle, or to refinance an existing auto loan with another lender. A used car, also known as a pre-owned vehicle and second hand car, is a vehicle that has previously had one or more owners

COAF originates auto loans across the credit spectrum.

International operations

Capital One commenced operations in Canada in 1996. Its head office is located in Toronto, Ontario. Toronto (təˈrɒntoʊ colloquially pronounced or) is the largest city in Canada and is the provincial capital of Ontario Ontario (ɒnˈtɛrioʊ is a province located in the central part of Canada, the largest by population and second largest after Quebec Unlike its diversified American parent, the Canadian business does not currently operate outside of the credit card market. Similar to the US Parent, Capital One Canada is Canada Post's second largest customer. Canada Post Corporation ( Société canadienne des postes) is the Canadian postal operator operated as a crown corporation.

The UK headquarters of Capital One is in Nottingham, England. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located Nottingham ( is a city in the Ceremonial county of Nottinghamshire, England. England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland

Capital One also has a presence in Spain, with the local office located in Madrid. Spain () or the Kingdom of Spain (Reino de España is a country located mostly in southwestern Europe on the Iberian Peninsula. Madrid (pronounced in English in Spanish and colloquially in Spain) is the Capital and largest city of Spain.

The company was once active in France and South Africa, but has since withdrawn from these markets. This article is about the country For a topic outline on this subject see List of basic France topics. The Republic of South Africa (also known by other official names) is a country located at the southern tip of the continent of Africa

Unusual growth

Unlike other diversified financial services firms, Capital One began as consumer lending "monoline" -- a company that only does consumer lending. Consumer lending (also called retail lending refers to making a wide range of secured and unsecured loans to consumers for consumable items such as a Remaining a monoline is precarious because of the often-cyclical nature of consumer lending; it can be very profitable industry in good times and markedly unprofitable in bad, such that a monoline company -- which lacks other sources of revenue -- will go out of business or be acquired fairly cheaply during hard times. Most consumer lending monolines in the past 20 years have either gone out of business (e. g. The Money Store, NextCard, Royal Acceptance) or have been acquired (e. Origins NextCard Inc was one of the first issuers of Credit cards online and the first to offer instant online approval g. MBNA, Beneficial, First USA); Capital One is notable for having experienced neither. MBNA Corporation was a bank Holding company and parent company of wholly owned subsidiary MBNA America Bank N "HFC Bank" redirects here for the bank in Ghana see Home Finance Company HSBC Finance Corporation is a financial services company Bank One Corporation, based in Chicago Illinois, was the sixth-largest Bank in the United States. [6]

Prior to this the company experienced tremendous growth as a monoline which it credited to its Information Business Strategy, a strategy it pioneered to use customer data to help tailor its products to customers, particularly subprime consumers. Capital One had one of the largest databases of consumer data at one time, over 4 terabytes of data by 1999. A terabyte (derived from the prefix Tera- and commonly abbreviated TB) is a measurement term for data storage capacity. It attempted to leverage this strategy outside of the finance industry, most notably in the cell phone market as AmericaOne which it eventually sold to Sprint. While many monolines were acquired by larger, diverse banks, Capital One adopted the opposite strategy by expanding into retail banking in 2005. This was accomplished through the acquisition of Hibernia and North Fork, two large regional banks.

Sponsorships

Capital One is a major sponsor of sports teams. In 2001 Capital One became the principal sponsor of the Florida Citrus Bowl, an annual college football game played in Orlando, Florida, renaming it the Capital One Bowl. College football is American football played by teams of student athletes fielded by American universities, Colleges and military academies Orlando is a major City in central Florida, USA and is the County seat of Orange County Florida. The Capital One Bowl is an annual College football Bowl game played in Orlando Florida at the Citrus Bowl, and previously known as the In the UK, the company currently sponsors two Coca Cola Championship football clubs, Sheffield United and Nottingham Forest. The Football League Championship (often referred to as The Championship for short or the Coca-Cola Football League Championship for sponsorship reasons Sheffield United Football Club is a professional English football club based in the city of Sheffield, South Yorkshire. Nottingham Forest Football Club is an English professional football club based at the City Ground in West Bridgford, a suburb of Nottingham

Diversity and awards

Capital One received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2003, the second year of the report. The Corporate Equality Index is a report published by the Human Rights Campaign Foundation as a tool to rate American businesses on their treatment of Gay, Lesbian Capital One's American division has a large number of foreign-born employees: in 2003 it sponsored more people for H-1B visas than any other financial services company (19th overall),[7] though in 2005 it was 4th in financial services (34th overall). The H-1B is a non-immigrant visa in the United States under the Immigration & Nationality Act section 101(a(15(H Financial services refer to services provided by the finance industry. [8]

In 2002, Capital One won the Wharton Infosys Business Transformation Award for its innovative strategy specifically related to their credit card products. In 2002 the Wharton School of Business of the University of Pennsylvania and Infosys teamed to express their shared commitment to promoting business innovation by

Controversy

Like most credit card companies that issue cards to people with poor or no credit (called "subprime"), Capital One offers multiple cards with low limits to some consumers, which can result in multiple over-limit and late payment fees and is considered by some consumer advocates to be predatory. Subprime lending ( near-prime, non-prime, or second chance lending is a financial term that was popularized by the media during the "credit crunch" [9] Defenders of the practice argue that credit issuers should not be held responsible for borrowers' decisions.

To date, Capital One has not disclosed its customers' total credit limits to credit reporting agencies. A credit bureau (US or credit reference agency (UK is a company that collects information from various sources and provides consumer Credit information on individual [10] This could result in lower credit scores for the company's customers, since it could artificially increase a customer's utilization, a measure of credit balance as a percentage of credit line. A credit score is a numerical expression based on a statistical analysis of a person's credit files to represent the Creditworthiness of that person Capital One announced plans to end this practice, and announced that it would report credit limits to credit reporting agencies by the end of 2007. [11]

Management and corporate governance

Key executives include:

The current members of the board of directors of Capital One are:

See also

References

  1. ^ a b c Capital One Financial Corporation. Richard Fairbank founded Capital One with Nigel Morris in 1988 and is currently the Chairman and American Management Systems (previous NASDAQ symbol AMSY was founded in 1970 as a technology and Management consulting firm Florida Power & Light Company, the principal subsidiary of FPL Group Inc Deere & Company (usually known by its brand name John Deere) ( is an American Corporation based in Moline Illinois, and the leading manufacturer Mayo A Shattuck III (b 1954 in Massachusetts is a notable American businessman and currently Chairman and CEO of Baltimore-based Constellation Energy. Constellation Energy ( headquartered in Baltimore, Maryland, USA, generates trades supplies and distributes energy The Westfield Group is an Australian company and the largest retail property group in the world by equity market capitalisation and the ninth largest entity listed on the Hibernia National Bank, founded in 1870, was a personal banking and commercial lending institution headquartered in New Orleans Louisiana. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. North Fork Bank was an American bank from 1950 until 2008 when it became Capital One Bank (after the name of its new parent Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. The Capital One Tower is located in Lake Charles, Louisiana and was the tallest building in southwest Louisiana until L'Auberge du Lac casino (26 stories Hoover's, Inc. . Retrieved on 2008-01-28. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1077 - Walk to Canossa: The Excommunication of Henry IV Holy Roman Emperor is lifted
  2. ^ Capital One Services, Inc. (2008-01-23). 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 393 - Roman Emperor Theodosius I proclaims his nine year old son Honorius co-emperor "Capital One Reports Fourth Quarter Earnings". Press release. A news release, media release, press release or press statement is a written or recorded Communication directed at members of the News Retrieved on 2008-01-28. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1077 - Walk to Canossa: The Excommunication of Henry IV Holy Roman Emperor is lifted
  3. ^ PRC Says OK To Capital One NSA Extension. Retrieved on 2006-11-27. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1095 - Pope Urban II declares the First Crusade at the Council of Clermont
  4. ^ http://www.northforkbank.com/, Retrieved on 2008-04-04.
  5. ^ http://superiorsavings.com/, Retrieved on 2008-04-04.
  6. ^ Virginia Business Online: Q&A with Richard Fairbank
  7. ^ H1B.info
  8. ^ Top 500 H1B Visa Sponsors 2005
  9. ^ A big lender's credit card trap - MSN Money
  10. ^ Credit Card Limits Often Unreported. Retrieved on 2007-01-08. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 871 - Battle of Ashdown - Ethelred of Wessex defeats a Danish invasion army
  11. ^ Capital One Policy Change a Help to Borrowers.

External links


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