第一资本信贷Capital One Financial Corporation (COF) 2007年年度报告「NYSE」.pdf

1、Capital One Financial Corporation|2007 Annual Report2007 annual reportNewly rebranded Capital One Bank branch at the corner of 59th and 3rd in New York.This Manhattan branch combines cutting-edge design with convenient location.We recruited an all-star management team to the bank,and we are making s

2、trong progress on our integration of North Fork Bank as we prepare to convert to the Capital One brand in 2008.We largely cleared the decks of our exposure to the vagaries of the secondary mortgage market.We tightened underwriting inour national consumer lending businesses,especially in the markets

3、hardest hit byhome price depreciation.And we remained focused on the disciplined deploymentof our shareholders capital,completing$3 billion of share repurchases in 2007,well ahead of our original mid-2008 target date.While the exogenous environment has taken its toll,we have been well-served bythe c

4、hoices we have made over the years to fortify our company in anticipation ofdifficult times.We made the decision to transform our company with our entry intobanking,significantly reducing our reliance on the capital markets.Nearly half of our assets are now deposit funded.Our bank has provided us wi

5、th stability,shielding us from the market disruption that has left many non-depository specialtylenders starved for funding.In addition,our long-standing focus on building astrong balance sheet has put us on solid footing.While our bank acquisitions have insulated us from the volatility of the capit

6、al markets,we inherited GreenPoint Mortgage as part of the North Fork deal.In theface of the unprecedented disruption in the secondary mortgage markets,we actedC H A I R M A N S L E T T E R2007 was a tough year across the financial services industry,and Capital Onewas not immune from these difficult