Top 15 U.S. bank holding company by asset size, with leading market positions in consumer finance and deposit-taking Enhanced scale and improved business-line diversification Leading marketing and digital infrastructure platform Significant concentration in unsecured consumer lending Meaningful exposure to nonprime consumers Reliance on spread income Deposits raised via its online platform that may be less stable than branch-originated deposits The negative outlook reflects S&P Global Ratings' view that Capital One Financial Corp.'s financial performance could be more sensitive to the economic fallout from the COVID-19 pandemic than the average U.S. bank because of its sizable concentration in consumer lending, including to subprime consumers through its credit card and auto lending businesses. We believe the increase in unemployment and weakened consumer
