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Capital One

Capital One is based in McLean, Virginia and had a market cap of $47.4 bn as of September 5, 2018. At 2Q18, Capital One ranked 9th by asset size, with total assets of $364 bn. Capital One ranked 7th in terms of U.S. deposits with approximately 596 branches as of 2017 (SNL) and $248 bn in deposits as of 2Q18. Capital One's footprint includes Delaware, New York, Louisiana, Virginia, Texas, Maryland, New Jersey, and D.C. Capital One is a large credit card issuer in the U.S., and also has a sizable auto lending business. Cap One has grown over time and now ranks in the top 10 of U.S. bank franchise by deposits, including a large portion of online accounts from ING Direct. (15 Oct 2018)

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U.S. Regional Banks: Fed Guidance on 2019 CCAR

Worth Watching: 14 Nov 2018, 10:27 PM ET - U.S. Regional Banks: In a recent speech, the Fed's Vice Chairman of Bank Supervision Randal Quarles commented on plans for the upcoming CCAR cycle. The Fed is in the process of deciding  how to implement a number of changes that have been proposed ..

Synchrony & Walmart: Bad Blood Boiling Over?

IG Note: 02 Nov 2018, 3:04 PM ET - Walmart sued Synchrony, alleging breach of contract in a heavily redacted filing as the two sides tussle over what to do with the legacy loan book ahead of Capital One taking over as issuer. 
Focused

US Banks: Fed Proposes Reg. Overhaul for Non-GSIBs

Sector Analysis: 01 Nov 2018, 5:30 AM ET - The Federal Reserve released two Notices of Proposed Rulemaking (NPRs) to revise capital and liquidity requirements for banks $100 - 700 bn in assets. Certain requirements for the 8 GSIBs were addressed in a separate NPR.
Focused

Capital One: 3Q18, Allowance Release on Lower NCOs

Earnings Note: 23 Oct 2018, 9:37 PM ET - Capital One reported 3Q18 earnings beat estimates on a core basis on credit tailwinds in cards. The improvement in card credit quality continued, as seasoning has become a positive.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Banks: 3Q18 Preview - Reg. Oversight & Funding

Sector Analysis: 10 Oct 2018, 9:08 PM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off U.S. bank earnings on Friday. We will be paying close attention to funding costs as well as commentary on lending standards reflecting the possible easing of regulatory oversight.

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.

SYF 2Q18: Move to O/P on Walmart Rollback Sale

Earnings Note: 30 Jul 2018, 6:01 AM ET - Synchrony's 2Q18 results were overshadowed by the loss of the Walmart business to Capital One, causing spreads to gap out ~50 bp over the past two weeks. We shift to an Outperform, viewing the selloff as overdone.

US Banks 2Q18: Earnings Rise, Supervision Slides

Sector Analysis: 25 Jul 2018, 4:22 AM ET - Seventeen of the 22 banks in our coverage beat expectations in 2Q18 as earnings improved due to higher rates and a benign credit environment. However, post-crisis regulatory safeguards are been chipped away at.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
Focused

Capital One: 2Q18, Growth Math Turns to a Positive

Earnings Note: 19 Jul 2018, 10:14 PM ET - Capital One reported 2Q18 earnings that increased both QoQ and YoY, and topped estimates on a core basis. "Growth math" turned into a positive for the company, as portfolio seasoning is now driving improvement in card asset quality.

Synchrony: Could Walmart Walk?

Worth Watching: 12 Jul 2018, 9:52 PM ET - Synchrony (NR/BBB-/BBB-) got knocked around in the equity markets, dropping roughly 6% from the day's high on reports that Walmart is considering switching its card program to Capital One (long bonds look to be out ~10 bp). To be clear, media c ..

US Banks: 2Q18 Preview - Loan Demand Picking Up?

Sector Analysis: 11 Jul 2018, 5:05 AM ET - Citigroup, JPMorgan, Wells Fargo and PNC kick off 2Q18 US bank earnings on Friday, July 13, 2018. We expect underlying results to benefit from a pickup in loan growth and higher rates, but capital markets results should be down from 1Q18.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.
Focused

US Banks: 2018 CCAR - It's OK to Breach Limits?

Sector Analysis: 29 Jun 2018, 5:15 AM ET - The Fed released the 2018 CCAR results. It did not object to the capital plans of 34 of the 35 banks, the exception being DB USA, Deutsche Bank's IHC. The Fed did not force a number of banks that fell below the minimums to raise capital.
Focused

US Banks: Post-DFAST Stress Capital Buffers

Sector Analysis: 27 Jun 2018, 4:39 AM ET - We update our Stress Capital Buffer (SCB) estimates for the large U.S. banks using 2018 DFAST results. Nearly all the banks face higher spot capital requirements due to the increased severity of the 2018 DFAST.
Focused

US Banks: 2018 DFAST Results - SCB Shocker Looming

Sector Analysis: 22 Jun 2018, 4:56 AM ET - Although all banks over $100 bn in assets received a clean bill of health in the 2018 DFAST, our main concern is that this year’s test could lead to a substantial increase in capital requirements under the proposed Stress Capital Buffer.

US Banks: Crapo De-reg. Bill Heads to White House

Sector Analysis: 23 May 2018, 10:27 PM ET - The House approved the Senate bill on financial (de)regulation, which is now headed to the White House to be signed into law. While the bill provides regulatory relief for regional/community banks, it has minimal impact on the big-6 banks.

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