Capital One 2008 Annual Report Download - page 15
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Please find page 15 of the 2008 Capital One annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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We Are Striving To Build One Of The Nation’s Great Banks
We are on a mission to create one of the nation’s great banks, and we have the necessary ingredients.
We have a strong balance sheet. Resilient businesses. A powerful brand. A massive customer franchise.
Strong analytical capabilities. A reverence for risk management. A great banking footprint. And
tremendous people.
While I like our position, the financial crisis we are facing is unprecedented and severe. No one can
predict how long it will last or how deep it will be. There is tremendous uncertainty and future economic
challenges likely will test our industry and our company. For example, continued economic degradation
could drive credit losses substantially higher. Economic pressures in our local banking markets could
lead to a worse environment for commercial banking and commercial real estate lending. Our
reduction in asset originations, while responsible and necessary in the current environment, may defer
future growth. And potential legislative and regulatory changes (including rules relating to regulatory
oversight, bankruptcy, mortgage loan modification, credit card practices, and accounting), could
significantly reshape the banking industry and impact industry profitability and resiliency. While the
risks are substantial, we have spent 20 years at Capital One preparing for a severe downturn, and
I believe that we are well positioned to weather the storm.
The hallmarks of Capital One’s values are “Excellence” and “Do the Right Thing.” I am grateful to
our people for boldly and courageously devoting themselves to our shared quest for excellence. And
I am thankful that, in achieving excellence, our people never sacrifice their deep sense of humility,
authenticity, and respect for others. We have a great team at Capital One. Together, we will continue
to build an enduringly great company to serve our customers, our communities, and our investors.
Richard D. Fairbank
Chairman and Chief Executive Officer
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