Capital One

The McLean, Virginia, company is starting to “trim around the edges” of its auto portfolio, CEO Richard Fairbank said. That move stands in contrast with Capital One's leaning into its credit card business, which helped push marketing spending above $1 billion.

The past two weeks have seen a flurry of deals wherein Truist, Capital One and others pitch their brand alongside professional teams and their stadiums.

The banks that own the peer-to-peer payment network are reportedly considering a retail launch that could fend off rival payment methods — or simply cannibalize the sizable revenue issuers get from credit and debit cards.

“As the CEO of one of America’s largest banks, Richard Fairbank repeatedly broke the law,” the acting director of the FTC’s Bureau of Competition said.

The announcement came a day after Citigroup said it would mandate vaccines for many of its workers. Capital One also said it is delaying its office reopening.

CEO Richard Fairbank told employees they can continue to work remotely on Monday and Friday, though the company is still encouraging them to “spend meaningful time” in the office collaborating.

Under the deal, the $425 billion-asset bank will become the exclusive card issuer for the home furnishings retailer, which long partnered with Alliance Data Systems.

Cardholders get a discount, but anyone can use the issuer's new airport lounge — even kids.

Cardholders get a discount, but anyone can use the issuer's new airport lounge — even kids.

Capital One Financial led a $170 million investment in the startup Hopper as the financial giant seeks to make a deeper push into travel.