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Capital One

Feb 19, 2025

Capital One, Discover shareholders approve $35.3B acquisition

The proposed $35.3 billion blockbuster acquisition of Discover Financial Services by Capital One Financial has been approved by each company’s shareholders, the credit card giants announced Tuesday. Stockholders representing 85.1% of the total number of outstanding shares of Capital One common stock were in favor of the acquisition at a Tuesday meeting held in McLean. […]

Feb 13, 2025

Status of federal agency’s lawsuit against Capital One unclear

A lot has happened since Jan. 20, as the Trump White House employs “shock and awe” tactics at lightning speed. Among the consequences is the shutdown of the Consumer Financial Protection Bureau, a government watchdog over private industry. Specifically, the CFPB’s pause in work leaves in question a major federal lawsuit against McLean-headquartered Capital One […]

A Capital One sign in front of a glass-paneled building
Jan 14, 2025

CFPB sues Capital One, claiming bank avoided paying $2B in interest

The Consumer Financial Protection Bureau has sued Capital One and its McLean holding company, Capital One Financial, alleging the companies cheated millions of consumers out of more than $2 billion in interest payments, the federal agency announced Tuesday. Capital One, the CFPB alleges, promised customers that its flagship 360 Savings account provided one of the […]

Dec 19, 2024

Capital One, Discover clear hurdles for $35.3B megadeal

Announced in February, McLean-based Capital One Financial’s proposed $35.3 billion acquisition of Discover Financial Services is moving forward, with stockholders’ votes scheduled early next year, the credit card giants announced this week. Capital One also announced Thursday it received approval from the Office of the Delaware State Bank Commissioner on Wednesday to complete the purch[...]

A bronze statute of Lady Justice holding scales
Nov 20, 2024

Ex-Richmond Fed examiner pleads guilty to insider trading

A former Federal Reserve Bank of Richmond examiner on Tuesday pleaded guilty to committing insider trading and making false statements about his trading to the Richmond Fed. Robert Brian Thompson, 43, of Chesterfield County’s Moseley area, was an examiner and senior manager with supervisory duties for the Richmond Fed, where he worked from 2004 through about […]

Sep 29, 2024

The supersize era

In June, Tesla shareholders reaffirmed their intention to award the largest CEO compensation package in history to the automotive company’s controversial leader, Elon Musk. Valued as high as $56 billion, the deal had previously been thrown out by a Delaware judge, citing a failure by members of Tesla’s board to disclose conflicts of interest with […]

Jul 30, 2024

Merger mania

Banking mergers and acquisitions are picking back up again after the slowest year in recent history, and Virginia is no exception. Last year marked a modern low in merger and acquisition activity, with only 98 deals completed nationwide. That’s not just the lowest level of activity since the pandemic — it’s the slowest year since […]

Jun 27, 2024

Top Five July 2024

1   |   39 Virginia companies make the 2024 Fortune 1000 Thirty-nine companies headquartered in Virginia are on Fortune magazine’s 70th annual Fortune 1000 list, with 24 Virginia companies again making the elite Fortune 500. (June 4) 2   |  VDOT buys Owens & Minor’s Hanover headquarters for $33.5 million The Virginia Department of […]

Capital One CEO Richard Fairbank stands in front of the company's McLean headquarters. Photo courtesy Capital One Financial
May 24, 2024

Capital One, Walmart end credit card agreement

McLean-based Capital One Financial is no longer the exclusive issuer of Walmart consumer credit cards. The two Fortune Global 500 companies announced Friday that they had ended their consumer card agreement. The announcement follows problems first uncovered in late 2022 and early 2023, according to Reuters reporting. Capital One became the exclusive issuer of Walmart’s […]

Apr 26, 2024

U.Va. opens School of Data Science building

Billed as a “school without walls,” the University of Virginia’s School of Data Science officially inaugurated its first dedicated academic building Friday, five years after the school started. “I was a little surprised and somewhat disappointed, if I’m being honest, when I came here yesterday for a tour and I realized [school without walls] was […]

Mar 28, 2024

Capital One-Discover deal faces federal scrutiny

McLean-based Capital One Financial announced plans in February to buy Discover Financial Services for $35.3 billion in an all-stock deal that would mark Capital One’s largest ever acquisition and make it the nation’s biggest credit card lender. The transaction is expected to close in late 2024 or early 2025, according to the banks. At close, […]

Mar 28, 2024

Top Five April 2024

The top five most-read daily news stories on VirginiaBusiness.com from Feb. 14 to March 13 were led by news that Danish toymaker Lego will delay production at its Chesterfield County facility until 2027. 1   |   Lego delays Chesterfield production start to 2027 Lego Group will begin production at its $1 billion manufacturing facility […]

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