CONTACT:  Julie Rakes, Capital One, 804.284.5800

                   Brooke Bohnenkamp, Governor’s Office of Economic Development, 605.773.3301

Capital One Commits to Maintaining Sioux Falls Jobs and Adds 400 New Jobs 

PIERRE, S.D. – South Dakota Gov. Dennis Daugaard, U.S. Sens. Tim Johnson and John Thune and U.S. Representative Kristi Noem announced today that Capital One Financial Corporation, a diversified bank and Fortune 500 company, is maintaining 400 jobs as part of the proposed acquisition of HSBC's domestic credit card business in Sioux Falls, S.D., and adding 400 new jobs in 2012.

In August, Capital One announced its plans to acquire HSBC’s domestic credit card business.  HSBC currently employs 400 people at its domestic card facility in Sioux Falls. On receipt of regulatory approval and completion of the acquisition, the 400 HSBC employees will become Capital One associates. The 400 new positions announced today are in addition to HSBC’s existing Sioux Falls headcount.  

The company will begin recruiting shortly and available positions include customer contact agents, supervisors, trainers, managers, and support staff.

The South Dakota Governor’s Office of Economic Development helped recruit Capital One to Sioux Falls, and offered the company a $200,000 grant to assist with the cost of training new employees in Sioux Falls.  “It’s great news to hear that Capital One is bringing hundreds of solid-paying jobs with good benefits to our state,” said Gov. Daugaard.  “It’s clear that our workforce and regulatory environment are helping strengthen our financial services industry. This is the kind of company we like to see in South Dakota, and I’m pleased to welcome Capital One to our state.”

“The strength and resilience of Capital One’s business model has served us well through the recession.  As we invest in our business, we appreciate the importance of growing and investing wisely in our communities and in our people,” said Richard D. Fairbank, Chairman and CEO of Capital One.  “I have worked with my long-time friend Chairman Tim Johnson for many years and we are excited to come to South Dakota.  We know that there is an experienced and talented workforce to tap into here, and we are very pleased to be able to bring new, high quality jobs to the state.   We appreciate the partnership and support we have received from Governor Daugaard and the South Dakota congressional delegation.” 

South Dakota’s Washington delegation worked closely with Capital One as it made its decision and welcomed the announcement.

“We welcome Capital One to South Dakota with the acquisition of HSBC credit card operations.  As Chairman of the Senate Banking Committee, I had the opportunity to work with Capital One and the Governor to help facilitate Capital One's expansion to the state,” said Sen. Johnson.  “It is terrific that Capital One is doubling the number of employees at the facility. We have an outstanding workforce and Capital One recognizes that fact with their new investment.”

"South Dakota's stable economy and practical regulations continue to make the state an appealing choice for new and expanding companies," said Sen. Thune.  "I'm proud of South Dakota for creating a strong business environment, and I'm excited to have Capital One as part of our corporate community."

Rep. Noem added, “Additional strong job opportunities for South Dakotans are welcome news.  I’m very pleased Capital One has established a presence in South Dakota, and I look forward to the company’s continued success in Sioux Falls.” 

For more information about employment opportunities with Capital One, visit www.capitalone.com/careers

About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A. and Capital One Bank (USA), N. A., had $128.3 billion in deposits and      $200.1 billion in total assets outstanding as of September 30, 2011. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index