|Day's Range||3.7500 - 4.0000|
Nearly one week after the uneven rollout of the Small Business Administration’s Paycheck Protection Program, banking giant Capital One Financial Corp. has yet to start accepting loan applications — an outlier of sorts in that respect. The McLean bank, which reported about $375 billion in assets at the end of 2019, said early on in the process it was testing a small number of digital apps to enable more electronic document uploads and that it anticipated being able to accept applications online “shortly,” though no timeline was given. The loans are part of the $349 billion Paycheck Protection Program, which offers forgivable loans to businesses and was first authorized as part of the $2.2 trillion CARES Act passed by Congress in late March to deal with the economic damage associated with the spread of the novel coronavirus.
The Dow Jones Industrial Average closed up 7.7%, while the S&P 500 and Nasdaq Composite finished up 7% and 7.3%, respectively. An announcement from New York Gov. Andrew Cuomo that the number of deaths in the state — which has been the epicenter of the virus in the U.S. — had remained close to flat for two consecutive days was a positive sign many on Wall Street were looking for. Among Greater Washington’s largest public companies, Herndon building materials distributor Beacon Roofing Supply Inc. (NASDAQ: BECN) (+20.3%), Arlington health system consultancy Evolent Health Inc. (NYSE:EVH) (+19.6%), Bethesda hotel giant Marriott International Inc. (NASDAQ: MAR) (+19.5%), Tysons hospitality real estate investment trust Park Hotels & Resorts Inc. (NYSE: PK) (+19.2%), McLean financial giant Capital One Financial Corp. (NYSE: COF) (+16.9%) posted the biggest gains on the day.
After a risky bet on the oil industry went the wrong way last month, Capital One Financial Corporation sought relief from regulators, a step that raised eyebrows among public watchdogs and Wall Street analysts. On Friday the bank told MarketWatch that it intends to withdraw the request, saying it is not needed. Then on Monday, Capital One issued a fresh statement, saying that “because this request has been broadly misunderstood, we’ve notified the CFTC that we will not rely on the waiver and will register if derivative volumes reach the threshold.”
U.S. lender Capital One Financial Corp said on Saturday it would not use a U.S. Commodity Futures Trading Commission (CFTC) waiver after commodity price volatility lifted the bank's derivatives exposure toward a key regulatory threshold. The exemption relieved the firm from a requirement to register as a "Major Swap Participant," or MSP, even though its growing energy swaps exposure was expected to require that by the end of the next quarter. The CFTC had announced the relief for an unnamed lender two weeks ago, and Reuters later reported Capital One was the bank.
Capital One Financial Corporation (COF) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front.
Capital One Financial Corp. (NYSE: COF) has pledged $50 million to support nonprofit partners working in part on food and hunger aid as it continues to ramp up its efforts during the novel coronavirus outbreak. The McLean financial giant has already expanded its use of telework, increasing the number of customer support associates who work from home from 1,600 to 13,000 in two weeks, CEO and co-founder Richard Fairbank said in a message to employees Friday that was then posted online by the bank. The bank has 40,000 employees are now working remotely; it has about 52,000 total employees.
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On Thursday, April 23, 2020, at approximately 4:05 p.m. Eastern Time, Capital One Financial Corporation (NYSE: COF) will release its first quarter 2020 earnings results. Additionally, the company will host a conference call at 5:00 p.m. Eastern Time to review financial and operating performance for the quarter ending March 31, 2020.
WASHINGTON/NEW YORK (Reuters) - U.S. lender Capital One Financial Corp got a waiver from the Commodity Futures Trading Commission (CFTC) after plunging oil prices increased the bank's derivatives exposure above a key regulatory threshold, according to two sources with knowledge of the matter. On Friday, the CFTC said it would temporarily exempt a U.S. bank from a requirement to register as a "Major Swap Participant" even though its growing energy swaps exposure would technically require it to do so by the end of the next quarter. The CFTC did not name the bank on Friday, but the two sources told Reuters it was Virginia-based Capital One, which is best known for its retail lending and credit card business.
Markets on Wall Street jumped Tuesday as lawmakers and the Trump administration worked to finalize a massive stimulus package to boost the struggling economy created by the growing coronavirus pandemic.
Capital One Financial Corp. (NYSE: COF) is hiking the salaries of its employees who work directly with customers as the novel coronavirus continues to spread across the country, the company announced internally and confirmed to the Washington Business Journal. Capital One “brand ambassadors,” or employees working at branches that are still open, will receive an additional $10 per hour. For other employees involved in customer support, such as call center agents, they will receive an additional $5 an hour, according to the bank.
Capital One Financial's (COF) chairman and CEO -- Richard Fairbank receives 12.9% pay hike in total compensation package to $19.75 million for 2019.
The company has seen its stock fall from near record highs to new lows due to the fallout from the novel coronavirus.
(Bloomberg) -- Banks including Wells Fargo & Co., Bank of America Corp., Citigroup Inc. and Capital One Financial Corp. have assured nervous customers that they’ll provide assistance to those impacted financially by the coronavirus.“Call us and we’ll make it right,” Bank of America Chief Executive Officer Brian Moynihan said Sunday on CBS News’ “Face the Nation.”But reaching a representative is proving more and more difficult as customer-service centers are inundated by calls from clients seeking help.“Due to staffing issues resulting from our response to Covid-19, also known as coronavirus, wait times may be longer than normal,” callers to Wells Fargo’s customer-service line were told Monday. The bank said last week that it was “having a larger-than-normal number of employees work remotely on a specific day.” A Wells Fargo spokeswoman didn’t respond to questions about call-center employees.The problem is twofold: Banks are trying to fight the spread of the highly contagious virus by keeping some employees at home, while call volumes are higher than normal as more American workers become concerned about paying credit-card bills and making mortgage payments as workplaces close amid the spread of the coronavirus.Particularly hard hit are workers in the service industry as governors in New York, New Jersey, California and other states order businesses such as bars, movie theaters, restaurants and gyms shut to fight the spread of the coronavirus. President Donald Trump said Monday afternoon that Americans should stop eating out.‘Longer Than Usual’“As we address the needs of our customers, including those impacted by Covid-19, call wait times may be longer than usual,” Capital One callers were told. As of Monday morning, hold times to reach a customer representative at the bank were in excess of 20 minutes, according to calls placed by Bloomberg. That compares with an average of 41 seconds in 2018, according to a study from MyBankTracker.Capital One spokeswoman Sarah Craighill acknowledged that wait times are longer than normal, and said that digital tools, including the bank’s mobile app, are the fastest way to reach the company. “We are grateful to our customers for their patience and understanding as we navigate these uncertain times together,” she said in an email.Some customers have taken to social media to express their frustration.“Yesterday I sat on hold for 3 hours and got nothing accomplished,” one user said on Twitter. “I’ve been disconnected 7 times. I spend an insane amount of money on Citi cards annually. This is awful customer service.”Citigroup has offered to waive monthly service fees and penalties for early certificate of deposit withdrawals.The bank’s U.S. customer calls related to Covid-19 represents a small portion of overall calls, with the focus being on trip cancellations, billing disputes and market volatility attributable to the virus, a Citigroup spokeswoman said. The majority of operations-centers employees continue to report to the office, while those who can work from home are doing so, she said.When asked about what Bank of America would do for customers who can’t make mortgage or credit-card payments, Moynihan said in the interview Sunday that they can “call the number on the card and they say, ‘I’m affected by the disease,’ and we’ll defer the payment.”To get that deferral, customers may be on hold for more than 30 minutes, based on wait times Monday.“Overall, call volumes and wait times have remained stable, though we continue to prepare for increased volumes,” Bank of America spokesman Bill Halldin said in an email. The company is using social distancing and additional cleaning at its call centers, and some customer-service employees are working from home.(Updates with Citigroup comments in fourth-to-last paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Capital One Financial Corp. said Tuesday that it suspended its stock repurchase program, as of March 13, in response to the COVID-19 pandemic. The financial holding company said its dividend will not be impacted by its decision to suspend repurcahses. "Capital One is committed to maintaining strong capital and liquidity to meet the needs of its customers and communities during this exceptional period of economic uncertainty," the company said in a statement. Capital One had $793 million remaining in its stock repurchase program as of the end of the fourth-quarter, filings show. The company's decisions comes after the Financial Services Forum, a trade group that represents eight of the nation's largest banks, said over the weekend that its members have suspended share buybacks. Capital One's stock, which rose 1.4% in premarket trading, has plunged 46.0% over the past month through Monday, while the SPDR Financial Select Sector ETF has lost 36.2% and the S&P 500 has dropped 29.4%.
Capital One Financial Corporation (NYSE: COF) announced today that it suspended its share buyback program on March 13, 2020 in response to the COVID-19 pandemic. Capital One is committed to maintaining strong capital and liquidity to meet the needs of its customers and communities during this exceptional period of economic uncertainty. The suspension of share buybacks will not impact dividend payments to shareholders and Capital One has the ability to reinstate the buyback program as circumstances warrant.
The Dow Jones Industrial Average had, on Monday, yet another "worst day since 1987," closing down nearly 3,000 points — or 12.9% — on a day where plunging markets once again triggered the New York Stock Exchange's automatic halt in trading and questions remain regarding the full economic effects of the coronavirus outbreak.