Capital One 2013 Annual Report Download - page 3

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Chairman’s Letter to Shareholders and Friends
2013 was a special year at Capital One. We delivered strong financial performance, completed two big integrations,
generated significant capital, and tightly managed costs.
But the story of Capital One is about much more than a single year. Building a successful company takes a lot of
hard work and more than a little good fortune. I have always believed that we can enhance the odds by focusing
above all else on enduring keys to success despite the siren call of apparent short-term opportunities. Since the
inception of Capital One two decades ago, we have maintained a laser focus on these enduring success factors:
Go where the market is going. Handpick businesses with structurally superior returns. Achieve relevant scale
where it matters most. Hire great people and give them the chance to be great. Create a culture of openness,
excellence, and doing the right thing. Leverage information, analytics, and testing to bring the right product to the
right customer at the right price. Manage risk with preemptive conservatism. Obsess about long-term resilience
and value creation. Build a loyal customer franchise.
Powered by this long-term focus and aided by good fortune, we have been able to build a fast-growing company
that has adapted and thrived in a rapidly changing and, at times, perilous environment. We weathered the
Great Recession and emerged in a strong position to go on offense when many banks were still hobbled by lingering
issues of credit quality and customer practices. We were able to acquire ING Direct® and HSBC®’s U.S. credit
card business. We delivered strong financial performance in 2013 and enhanced our positioning to win in the
marketplace, sustain attractive and resilient financial performance, and build one of America’s great companies.