Discover Financial Services reported second-quarter results that indicated consumers are turning to debit transactions, while the company’s card sales slipped year on year. CFO John Greene said on the Thursday (July 18) earnings call that Discover card sales were down 3% from the prior year....
Discover Financial Services plans to sell its $10.1 billion private student loan portfolio. The company’s Discover Bank entered into an agreement to sell the portfolio to one or more strategic partnerships made up of funds and accounts managed by global investment firms Carlyle and KKR, Discover said in a Wednesday...
Discover Financial Services wants to settle a lawsuit accusing it of overcharging merchants. The lender revealed the proposed settlement in the class-action case in a Wednesday (July 3) filing with the Securities and Exchange Commission (SEC). “As of March 31, 2024, the company had increased its liability to...
Capital One’s first quarter results showed consumers continue to spend on their cards — and management touted the benefits of the proposed $35 billion buyout of Discover Financial Services. Purchase volume on its cards was up 6% year over year to $146.6 billion, but was...
October 27, 2023
In the parlance of these times, and as earnings season commentary has pointed out, time and again: Consumer credit is normalizing. The question remains, however, as to what comes next. The slew of reports from the banks and the card companies have taken note of the fact that delinquency rates are on the rise, though […]
November 21, 2019
For merchants, divining the future of payments — in essence, anticipating what’s next — means looking around corners, thinking about what consumers want, and will want and then laying the technological...
July 17, 2024
Discover Financial Services plans to sell its $10.1 billion private student loan portfolio. The company’s Discover Bank entered into an agreement to sell the portfolio to one or more strategic partnerships made up of funds and accounts managed by global investment firms Carlyle and KKR, Discover said in a Wednesday (July 17) press release. The purchase price is expected to be […]
July 04, 2024
Discover Financial Services wants to settle a lawsuit accusing it of overcharging merchants. The lender revealed the proposed settlement in the class-action case in a Wednesday (July 3) filing with the Securities and...
April 09, 2024
Discover Financial Services has collaborated with Google Cloud to provide generative artificial intelligence (AI) tools to Discover’s contact center agents. The rollout of the GenAI tools began in early 2024...
March 27, 2024
Ally Financial has announced that Michael G. Rhodes will become its new CEO and will be appointed to the board of directors on April 29. Rhodes has just resigned as the CEO of...
