Capital One Financial
1680 Capital One Drive
McLean, VA 22102
CEO: Richard Fairbank
Stock Symbol: COF
Capital One Financial Corporation is a financial holding company with $204.5 billion in deposits and assets of over $297 billion.
Capital One operates a bank with 900 locations primarily in New York, New Jersey, Louisiana, Maryland, DC, Virginia and Texas. It offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients.
The company is the fourth-largest issuer of Visa and Mastercard credit cards in the U.S. The company's credit cards offer rewards programs which include free travel and merchandise.
The company also operates online bank Capital One 360, formerly ING Direct.
For 2013, Capital One reported revenues of $22.38 billion, up from $21.39 billion, and net income of $4.15 billion.
In September 2013, the company sold its Best Buy private label and co-branded credit card portfolio to Citibank for $6.4 billion.
Capital One ranked No. 85 on Fortune magazine's 2014 list of Best Companies to Work For in America.
Capital One was founded as a new credit card division of Signet Bank in 1988 by Rich Fairbank, Capital One's Chairman and CEO, and Nigel Morris, former Vice Chairman. They saw that traditional banking and financial services lacked a focus on the individual customer and that technology could accurately guide business and credit decisions.
The solution was to become known as the Information-Based Strategy (IBS), which brought marketing, credit, risk, operations, and IT into a flexible decision-making structure. Its purpose was to enable us to offer financial solutions tailored to an individual customer's needs.
Fairbank pitched the IBS idea to more than 20 national retail banks before Virginia-based Signet Bank invited them to launch its Bank Card division. Over the next several years, the company ran thousands of tests and eventually introduced the first balance transfer card.
In 1994, Signet spun off its credit card division as Capital One Financial.
Capital One acquired Hibernia Bank in 2005 for $5 billion.
Capital One acquired North Fork Bank for $14.6 billion in 2006.
Capital One received $3.55 billion from the U.S. Treasury in 2008 as part of the Troubled Asset Relief Program for financial institutions.
The company acquired Chevy Chase Bank in 2009 for $520 million in cash and stock. Chevy Chase was the largest locally-owned bank in the D.C. metro area.
In 2009, Capital One acquired online bank ING Direct for $9 billion in cash and stock. ING Direct is now known as Capital One 360.
Capital One acquired HSBC's credit card business in 2012 for $2.6 billion which included private label and co-branded credit cards.
Health benefits start on the first day of employment for eligible associates.
- Medical insurance with no pre-existing condition exclusions
- Vision care
- Prescription drug benefits, including mail-order discounts
- Dental coverage that includes preventive care and can include orthodontia; associates are also able to choose any dentist
Health and Fitness Centers: Some Capital One locations offer state-of-the-art fitness equipment, free weights, aerobics, and yoga classes. Outdoor natural trails, athletic fields, and basketball courts are available at select sites.
Flexible Spending Accounts allow associates to use pre-tax dollars to pay for eligible health care and family care, including day care and elder care expenses.
Associate Savings Plan (Capital One's 401(k) plan): Associates can receive a percentage of their annual salary through company matching contributions. Generally, associates are eligible to participate in the plan after only six months on the job.
Stock Purchase Plan: Purchase Capital One stock at a discount of 15% with company match and eligible associates can use easy payroll deduction. Accounts can be reviewed online, and a 24-hour hotline is available for selling shares or changing payroll withholding.
Life and Accidental Death and Dismemberment (AD&D) Coverage:
Capital One offers life insurance coverage equal to annual base pay plus the same amount of AD&D coverage. Associates can also purchase additional coverage.
Dependent Life Insurance: Associates can choose from several levels of protection to cover a spouse and children, at group rates.
Short-Term Managed Income Protection: Provides for sick day coverage.
Long-Term Managed Income Protection: Supports associates with extended leave needs. Associates can buy additional supplemental coverage.
- Educational Assistance Program: For approved course work, Capital One reimburses associates for eligible tuition and expenses. Targeted leadership programs are available for executives.
- Flexible Work Arrangements: Depending on business requirements, options include flextime, compressed work weeks, part-time schedules, and telework to promote a work/life balance.
- Adoption Reimbursement: Associates can be reimbursed up to $5,000 per child for eligible adoption costs.
- Family Assistance: Confidential counseling helps associates with personal issues, including stress at home or work, family concerns, household budgeting, or substance abuse. Professional expertise also is available to aid associates in locating quality child and elder care needs, assist with adoption, or identify colleges for dependents.
- Referral Bonus: Up to $2,500 in cash as a bonus for referring someone hired by Capital One depending on the needs of the business.
- VolunteerOne: After completing 100 hours of volunteer time with a non-profit organization, associates can apply for grants of up to $500 for that group.
Updated May 21, 2014