Capital One Financial
Headquarters:
1680 Capital One Drive
McLean, VA 22102
Employees: 23,700
CEO: Richard Fairbank
Stock Symbol: COF
Website:
http://www.capitalone.com
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Capital One Financial Corporation is a financial holding company whose subsidiaries collectively had $108.6 billion in deposits and $147 billion in managed loans outstanding as of December 31, 2008.
Capital One operates a bank with 739 locations primarily in New York, New Jersey, Louisiana, and Texas offering a broad spectrum of financial products and services to consumers, small businesses and commercial clients.
The company is a major provider of credit cards with over 37 million accounts in the U.S.
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 announced in December it would acquire Chevy Chase Bank for $520 million in cash and stock. Chevy Chase is the largest locally-owned bank in the D.C. metro area.
For 2008, the company had revenues of $16.8 billion and a net loss of $46.0 million.
History
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.
Benefits
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 January 23, 2009
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