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Capital One Financial Corporation Message Board

  • novamba19035 novamba19035 Feb 21, 2013 3:43 PM Flag

    Sale of Best Buy portfolio

    A lot of people are making a big deal about the sale of the Best Buy portfolio. Let's go a little behind the scenes to see what is going on here. The base of Capital One's operations is in Richmond, VA within 3 miles from Circuit City's former headquarters. When Circuit City went out of business, Capital One snapped up a bunch of CC's talent. Bottom line, a number of people on the partnership management team of Capital One are former Circuit City employees or had spouses that worked at Circuit City. Consequently there was a lot of ill will between the Capital One and Best Buy "partnership" that was never resolved.

    Also, one additional comment, Capital One continues to hire A LOT of people(over 1200 in 2012) making A LOT of money in the Richmond area, who show up after 9 and are out the door by 3. An awful lot of PMPs, project managing this or managing that. Who knows what all these people do, but the rapidity of hiring is far greater than the earnings growth.

    Sentiment: Sell

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