The annual stockholder meeting document discusses Capital One's performance in 2007 and the challenges facing the banking industry. It notes that 2007 was the first year Capital One saw a decline in earnings per share. It also discusses the housing market correction and its prolonged negative impact. Additionally, it provides context on Capital One's deposit size, making it the 13th largest deposit-taking bank in the US.
This Attribution Case Study was presented at Ad-Tech SF in April 2012 by Steve Latham, ceo of Encore Media Metrics.
Special thanks for Lipman Advertising for participating in this case study.
Feel free to download and use as you wish. Just remember to "Attribute" credit where it's due :-)
Opening remarks at the 12th Annual Corporate Venturing & Innovation Partnering Conference. Presentation gives an overview of the 2009 and what 2010 has in store for Venture Capital Firms.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
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2. Forward looking statements
Forward-Looking Information
Please note that the following materials containing information regarding Capital One’s financial performance speak only as of the
particular date or dates indicated in these materials. Capital One does not undertake any obligation to update or revise any of the
information contained herein whether as a result of new information, future events or otherwise.
Certain statements in this presentation and other oral and written statements made by the Company from time to time, are forward-
looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; projections, revenues,
income, returns, earnings per share or other financial measures for Capital One and/or discuss the assumptions that underlie these
projections, including future financial and operating results, and the company’s plans, objectives, expectations and intentions. To
the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information
provided by the Private Securities Litigation Reform Act of 1995. Numerous factors could cause our actual results to differ materially
from those described in forward-looking statements, including, among other things: general economic and business conditions in
the U.S. and or the UK, including conditions affecting consumer income, spending and repayments, changes in the credit
environment in the U.S. and or the UK, including an increase or decrease in credit losses, changes in the interest rate environment;
continued intense competition from numerous providers of products and services that compete with our businesses; financial, legal,
regulatory or accounting changes or actions; changes in our aggregate accounts or consumer loan balances and the growth rate and
composition thereof; the amount of deposit growth; changes in the reputation of the credit card industry and/or the company with
respect to practices and products; the risk that Capital One’s acquired businesses will not be integrated successfully; the risk that
synergies from such acquisitions may not be fully realized or may take longer to realize than expected; disruption from the
acquisitions making it more difficult to maintain relationships with customers, employees or suppliers; the risk that the benefits of the
Company’s restructuring initiative, including cost savings, may not be fully realized; our ability to access the capital markets at
attractive rates and terms to fund our operations and future growth; losses associated with new products or services; the company’s
ability to execute on its strategic and operational plans; any significant disruption in our operations or technology platform; our
ability to effectively control our costs; the success of marketing efforts; our ability to recruit and retain experienced management
personnel; changes in the labor employment market; general economic conditions in the mortgage industry; and other factors listed
from time to time in reports we file with the Securities and Exchange Commission (the “SEC”), including, but not limited to, factors
set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2007. You should
carefully consider the factors discussed above in evaluating these forward-looking statements. All information in these slides is
based on the consolidated results of Capital One Financial Corporation. A reconciliation of any non-GAAP financial measures
included in this presentation can be found in the Company’s most recent Form 10-K concerning annual financial results, available on
the Company’s website at www.capitalone.com in Investor Relations under “About Capital One.”
2008 Annual Shareholder Meeting
4. Our stock price has declined in the face of cyclical
headwinds
Capital One Stock Price
January 1, 2007-April 23, 2008
$90
$80
$70
$60
$50
$45.92
$40
$30
$20
$10
$0
7
7
8
7
8
7
7
07
7
7
07
08
7
07
8
07
-0
-0
-0
-0
-0
l-0
0
-0
-0
0
0
n-
n-
p-
-
-
b-
n-
b-
ct
pr
pr
ar
ar
ay
ug
ec
ov
Ju
Se
Ja
Ja
Fe
Fe
Ju
O
M
M
A
A
M
D
A
N
2008 Annual Shareholder Meeting
Source: Factset
5. The banking industry has been hit hard
Total Shareholder Return
January 1, 2007-April 23, 2008
40%
30% 26%
20%
10%
2%
0%
0%
-2% -2%
-6%
-10% -9%
- 15 %
-20% - 18 %
- 2 6 %2 6 %2 6 %
-
-30% -
-40% - 3 6 %3 6 % 3 7 %
- -
- 4 0 %4 0 % 4 1%
- - -42%
-43%
-50% -46%
-48%
- 5 1% 5 1%
-
- 5 3 %5 3 %
-
- 5 5 %5 5 %
-
-60% -58%
- 6 1%
-70%
-70%
-74%
-80% -77%
- 8 1% 8 1% 8 3 %
- -
-90% -86%
- 9 1%
-94%
-100%
T
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Note: Discover began trading on June 14, 2007
2008 Annual Shareholder Meeting
Source: Factset
6. Home prices became clearly unsustainable and the
correction may be prolonged
Indexed Median House Prices and 60th Percentile Household Income, 1975-2007
Indexed to 1975
700
600
500 60th
Percentile
Household
Income
400
300
200
100
1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005
Source: Census Bureau and Banc of America Securities LLC Estimates (Presentation to GFS SLT Sept. 2007)
2008 Annual Shareholder Meeting
7. Home prices became clearly unsustainable and the
correction may be prolonged
Indexed Median House Prices and 60th Percentile Household Income, 1975-2007
Indexed to 1975
700
600
500 60th
Percentile
Household
Median
Income
House Prices
400
300
200
100
1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005
Source: Census Bureau and Banc of America Securities LLC Estimates (Presentation to GFS SLT Sept. 2007)
2008 Annual Shareholder Meeting
8. Home prices became clearly unsustainable and the
correction may be prolonged
Indexed Median House Prices and 60th Percentile Household Income, 1975-2007
Indexed to 1975
700
Median
House Prices
600
500 60th
Percentile
Household
Income
400
300
200
100
1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005
Source: Census Bureau and Banc of America Securities LLC Estimates (Presentation to GFS SLT Sept. 2007)
2008 Annual Shareholder Meeting
9. We are the nations’ 13th largest deposit-taking bank
Q4 2007 U.S. Deposits ($B)
1. Bank of America Corporation $688.6
2. JPMorgan Chase & Co. $505.6
3. Wachovia Corporation $423.1
4. Wells Fargo & Company $292.8
5. Citigroup, Inc. $265.9
6. Washington Mutual, Inc. $186.7
U.S. Bancorp
7. $121.1
8. SunTrust Banks, Inc. $113.6
9. Citizens $96.0
10. National City $90.7
$86.1
11. Regions Financial
12. HSBC $81.6
13. Capital One $79.3
14. BB&T $78.9
15. PNC $75.3
Note: Based upon total aggregated domestic deposits for parent company
2008 Annual Shareholder Meeting
Sources: SNL, FDIC
10. The capital markets have shut down in many sectors
U.S. Issuance of Asset-Backed Securities
$B
$1,000
$888
$874
$48
$48
$35 $69
$800
$64
$702 $65
$34
$35
$47
$600
$529 Global RMBS
$38
$66
$559 $555
$48
$400
Home Equity
$463
$224
$188 Other
$200 $0
$5
$32 Student Loans
$1
$42 Auto
$62
$103 $84
$71
Credit Card
$108
$66 $91
$66
$51
$0
2004 2005 2006 2007 2008
(Q1 Annualized)
Q1 Actual $162B $181B $220B $211B $47B
Note: Other includes Equipment, floorplan, motorcycle, small business loans, aircraft etc.
Source: JP Morgan
2008 Annual Shareholder Meeting
11. Lenders primarily reliant on the capital markets have
proven not to be resilient
Consumer Lending Monolines
Failed Acquired Remaining
• •
First Merchants Arcadia Stock Performance
• •
Search Financial Ugly Duckling Jan. 2007-Present
• •
The Money Store Beneficial
• Western Fidelity • •
First USA IndyMac -91.3%
• Aegis • •
Rock Financial CompuCredit -81.4%
• Reliance • •
Reliastar Advanta -78.1%
• National Auto • •
Autofinance Group Sallie Mae -66.3%
• Monaco • •
First Fidelity Americredit -55.2%
• Eagle
• •
First Investors Nelnet -56.0%
• Jayhawk
• •
MS Financial Discover* -37.5%
• National Auto Finance
• •
Regional Acceptance American Express -26.9%
• TFC enterprises
• Heller Financial
• First Enterprise
• GreenTree
• Mercury
• Household
• Aames
• Onyx
• Iown
• Providian
• Finova
•
• MBNA
Delta Financial
•
• WFS Financial
The Credit Store
•
• Metris
NAL Financial
•
• First Franklin
Royal Acceptance
• •
Commercial Financial Services ResMae
• •
NextCard Countrywide
• DVI
• New Century
Note: Publicly traded companies with a minimum of $1 billion in market cap in 1998
*Data sine June 2007 IPO; All other stock data are through April 23, 2008
2008 Annual Shareholder Meeting
Source: Factset
12. We have dramatically reduced our need for capital
markets funding as we’ve grown deposits
% of Funding From Deposits
100%
90%
80%
70%
60%
50%
50%
40%
30%
20%
6%
10%
0%
1995 1Q 2008
Notes: Shown as % of Managed Liabilities
2008 Annual Shareholder Meeting
13. Our banking transformation has been recognized by
ratings agencies
Moody’s
Holding Company
Capital One (2006)
A3
Capital One (Q4 2005)
Baa1
Baa2
Capital One (Q2 1999)
Baa3
Capital One (1996)
Ba1
2008 Annual Shareholder Meeting
14. We have stable and fortified funding
Readily Available Liquidity*
$B
$35
$30.1
$29.4
$30
$26.4
$25
$20.4
$20
$17.3
$15
$10
$5
$0
2004 2005 2006 2007 Q1 2008
Includes unencumbered securities, undrawn committed conduits and undrawn FHLB capacity.
2008 Annual Shareholder Meeting
16. Our Local Banking losses are rising, but still at low
levels
Capital One Bank Charge-Off Rate
2.0%
1.5%
1.0%
0.5%
0.31%
0.0%
2007Q1 2007Q2 2007Q3 2007Q4 2008Q1
2008 Annual Shareholder Meeting
Note: Data is annualized
17. Our U.S. Card business is generating solid earnings
in the face of significant cyclical headwinds
U.S. Card Net Income
$M
$2,500
$2,116
$2,000
$1,824
$1,609
$1,500 $1,387
$1,181
$1,001
$1,000
$774
$690
$515
$500
$0
1999 2000 2001 2002 2003 2004 2005 2006 2007
2008 Annual Shareholder Meeting
Note: Reported in U.S. Card segment
18. Our auto finance business struggled in 2007, we’re
pulling back dramatically and repositioning the
business
COF Auto Net Income
$M
$250 $234
$200
$164
$150 $132
$99
$100
$50
$10
$0
($21)
($23)
($34)
($35)
($50)
1999 2000 2001 2002 2003 2004 2005 2006 2007
2008 Annual Shareholder Meeting
22. In March we launched the Capital One Bank brand in
metro New York
2008 Annual Shareholder Meeting
23. We can leverage our strong brand and very large
customer base
U.S. Customer
Accounts*
Total Brand 1. Citi 182 M
Awareness (%)1 2. Bank of America 132 M
3. JPM Chase 92 M
97 4. HSBC 60 M
96 5. Capital One 44 M
6. Discover 42 M
96
7. American Express 37 M
96 8. Washington Mutual** 24 M
96 9. Wells Fargo 23 M
91 10. Wachovia 15 M
11. US Bancorp 14 M
87
12. Countrywide 8M
78 13. Fifth Third 6M
14. Citizens 6M
1 - Question: “When you think about companies or
15. Regions 5M
banks that offer financial services products such as
checking accounts, various types of savings accounts,
16. BB&T 5M
credit cards and loans, which ones come to mind? Have
you seen or heard of (company)?”
17. National City 4M
18. Bank of the West 4M
19. PNC 3M
*Represents most recent company disclosure ranging from YE2005 to YE2006
**Calculated by aggregating the ~11M customers with card accounts, the ~9M households with banking accounts,
20. Keycorp 2M
and the ~4M households with home loans
Sources: Millward Brown Financial Services Brand Health Wave 5, January 2008, Company reports, SEC filings
2008 Annual Shareholder Meeting
24. We have completed a major transformation at
Capital One
Today
1990’s 2000’s
• U.S. Card • U.S. Card • U.S. Card
• Auto Finance • Auto Finance
• Small Business • Small Business
• Installment Loans • Installment Loans
• Home Equity • Home Equity
• UK/Canada Card • UK/Canada Card
• Mortgage
• Retail Banking
• Commercial Banking
Credit Card Diversified Diversified Bank
Company Consumer Lender
2008 Annual Shareholder Meeting
25. The capital generative power of our portfolio is
enhanced by reduced capital need and disciplined
capital management
Annual Excess Tangible Common Equity Generated
$M
$2,500
$2,199
$2,000
$1,607
$1,494
$1,500
$1,000 $788
$500
$160 $125
$84
$0
($18)
($30)
($219)
($500) ($408)
($481)
($1,000)
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Note: Calculated as (Total NIAT − NIAT from in-period acquisitions + amortization of intangibles from prior period acquisitions) – Low end of TCE Target Range * (Change
in Tangible Assets – in-period acquired assets)
2008 Annual Shareholder Meeting
26. We significantly raised the dividend
Capital One Dividend
$2.00
$1.80
$1.60 $1.50
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.11
$0.20
$0.00
2007 2008E
2008 Annual Shareholder Meeting
27. Our portfolio continues to generate capital
2007 Capital Generation (Consumption) as
% of Year-End Tangible Common Equity
20.0% 17.4%
15.0% 11.6%
8.5%
10.0% 7.0%
5.2%
3.8%
5.0%
0.0%
-2.0%
-5.0%
-5.4% -5.4%
-10.0%
-15.0%
-16.2%
-20.0%
-21.6%
-25.0%
-30.0%
Capital JPMorgan U.S. SunTrust BB&T Wells Wachovia Bank of PNC National Citigroup
One Chase Bancorp Fargo America City
New Equity Capital
$7B* $19B
$13B
$12.8B*
Raised From Outside
Sources:
Capital Generation = [Net Income – (Dividends Paid + Capital Needed for Y-o-Y On-Balance Sheet Growth @ 5% TCE Rate)]
*Wachovia and National City include April announcements ($7B each)
Note: Does not include outside capital raising activities in capital generation calculation
2008 Annual Shareholder Meeting
28. Our actions position Capital One to deliver
shareholder value over the cycle
Entering the Positioning for
Decisive Action in
Downturn With Long-term
the Downturn
Strength Trajectory
2008 Annual Shareholder Meeting