第一资本信贷Capital One Financial Corporation (COF) 2019年年度报告「NYSE」.pdf

1、2019 ANNUAL REPORTCAPITAL ONE FINANCIAL CORPORATION 2019 ANNUAL REPORT1600 Capital One DriveMcLean,VA 22102(703)720-Created and produced by Capital One and the following:Design:ElevationExecutive Portrait:Vedros&AssociatesPrinting:Allied Printing Services,Inc.2Chairmans Letter to Shareholders and Fr

2、iendsThe year 1994 marked the start of many new beginnings.Sonys PlayStation video game console made its debut.A 30-year-old hedge fund executive named Jeff Bezos started an online bookstore in his garage in Bellevue,Washington.And 800 miles south,in Mountain View,California,Netscape released its fr

3、ee“web browser,”and the modern internet was born.Across the country,another young company,Capital One,debuted with an IPO.We were challenging the largest banks in America,most of whom had been around for a hundred years.At the time,the credit card industry was one-size-fits-all.Most credit cards had

4、 the same credit limit,interest rate,and annual fee.Deciding which customers were approved for credit was based not on how people actually behaved,but on how bankers thought people might behave.We saw an industry and business model that was built on reams of paper,human judgment,and a whole lot of c

5、onventional wisdom.We founded Capital One on the idea that we could use data,technology,and scientific testing to bring the right product to the right person at the right time and at the right price.We rode the technology and information revolution and saw credit cards not as a lending product but a

6、s an information-based technology business.We wanted to smash the price of credit and also democratize it.Capital Ones “Information-Based Strategy”(IBS)was born,and our company was off and running.Like any start-up,we started small.We spent years scouring the world for talent and building the founda