Steve Hulme, International CFO at Capital One - Leading change to meet growth expectations

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Capital One Financial is a U.S.-based bank holding company specializing in credit cards, home loans, and auto loans. It acquired ING Direct and HSBC's U.S. credit card portfolio in recent years. Capital One UK is the company's UK credit card lender with 2 million customers, based in Nottingham and London with outsourced processes including finance. Like other lenders, it was heavily impacted by the 2008/2009 crisis and significantly cut costs and marketing. The CFO discusses leading change as a business recovers, focusing on strategy, financial discipline, culture, and investing in talent to enable business investments while maintaining controls.

Steve Hulme
CFO International – Capital One Financial

LEADING CHANGE TO MEET GROWTH EXPECTATIONS

“How can the CFO most valuably lead as a
business gets back on its feet”

– Capital One Financial Corp. COF Total Assets ($Bn)
350
is a U.S.-based bank holding 300
company specialising in 250
credit cards, home loans, 200
auto loans, retail and 150
commercial banking. 100

– Acquired ING Direct in the 50
0
US and HSBC’s US credit 2010 2011 2012
card portfolio in 2012. Total Managed Loans

Capital One UK
– Part of Capital One’s International Capital One UK Credit Card Trends
segment 100%
– UK credit card lender with 2 80%
million active customers
– Based in Nottingham and London 60%
with high degree of process
40%
outsourcing including in Finance
– Like all retail lenders heavily 20%
impacted by 2008/2009 crisis
0%
– Reaction included significant cost 2007 2008 2009 2010 2011
reduction and complete scale back Credit Card Outstanding Balances
from marketing Operating Expenses
Marketing Expenses

Business Leadership & CEO Partnering
1 – Strategy formulation & vision
2 – Financial rigour & discipline
3 – Independent overview of prioritisation
4 – Leading around a balanced culture

Leading the Finance Team
1 – Maintaining controls and foundations
2 – Efficiency to enable business investments
3 – Enabler not a blocker
4 – Investing in talent

Key Learnings
1 – CFO plays a critical business leadership role
• Independence
• Culture
2 – Finance needs to be set up and motivated
differently for the new world
• Maintain the basics without fail
• Efficiency & enabling
• Focus on attracting & developing talent

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