tldrdaily.news logo
Tag

Discover Financial Services

All articles tagged with #discover financial services

business1 year ago

"Democrats Push for Block of Capital One's Acquisition of Discover"

Thirteen top Democrats, led by Sen. Elizabeth Warren, are urging the Biden administration to reject the proposed $35.3 billion merger between Capital One and Discover Financial Services, citing concerns about reduced customer choices and high fees. They are calling for a reevaluation of the government's approach to bank mergers and want stricter rules to prevent further consolidation in the financial industry. The Democrats argue that the merger would harm consumers and financial stability, and they are pressuring regulators to block the deal, highlighting President Biden's focus on antitrust enforcement and consumer choice.

via The Washington Post|
#antitrust#biden-administration#business
finance1 year ago

"Capital One's Ambitious Acquisition Plans and Regulatory Hurdles"

Capital One's acquisition of Discover Financial Services could potentially lead it to become more like American Express, with a focus on a large rewards program and a closed-loop system. This move gives Capital One more control over its credit card program, access to new financial technology, and a larger global role in the future of payments. The acquisition also aligns with Warren Buffett's investment strategy, as Capital One's stock is trading cheaply and appeals to his approach to investing. However, investors should consider various factors before investing in Capital One stock.

via Yahoo Finance|
#american-express#banking#capital-one
business-finance1 year ago

"2024 Election's Impact on Capital One-Discover Deal and the Future of Credit Cards"

Capital One's proposed takeover of Discover Financial Services to become the largest credit-card issuer in the U.S. is facing scrutiny from regulators and lawmakers, with concerns about the impact on economic concentration and consumer welfare. The fate of the merger may depend on the 2024 presidential election, as the Biden administration's stance on reining in the banking industry's excesses and concentration is being closely watched. The deal, which would create the nation's sixth-largest bank by assets, is expected to undergo a lengthy review, with potential consequences influenced by the political landscape.

via MarketWatch|
#antitrust-regulation#banking-industry#business-finance
business1 year ago

"Potential Impact of Capital One's Acquisition of Discover on Riverwoods and the Credit Card Industry"

Capital One is acquiring Discover Financial Services in a $35.3 billion all-stock transaction, potentially impacting the more than 5,000 Discover employees in the Chicago area. The merger brings together two major credit card companies and gives Capital One access to Discover's 305 million cardholders and payment network. While Capital One plans to retain Discover's branding and remain committed to the Chicagoland area, there are concerns about potential overlap and changes for employees. Any alterations to card terms will be communicated 45 days in advance, and the deal could be finalized later this year.

via WLS-TV|
#business#capital-one#credit-cards
business1 year ago

"Capital One's $35.3 Billion Acquisition of Discover: What It Means for Customers"

Capital One is acquiring Discover Financial Services in a $35.3 billion, all-stock deal, with Capital One shareholders owning 60% of the combined company and Discover shareholders owning 40%. The acquisition aims to create a competitive payments network, leveraging Discover's 70 million merchant acceptance points in over 200 countries. The transaction is expected to close in late 2024 or early 2025, pending regulatory approvals and shareholder consent, and will result in three Discover board members joining the Capital One board of directors.

via USA TODAY|
#acquisition#banking-merger#business
business1 year ago

"Capital One's $35.3 Billion Acquisition of Discover Financial Services"

Capital One plans to acquire Discover Financial Services in a $35.3 billion all-stock deal, creating a global payments giant and forming the sixth-largest U.S. bank by assets. The acquisition is expected to face intense antitrust scrutiny and would result in Capital One shareholders owning 60% of the combined company. The deal comes at a time of increased regulatory focus on credit card fees and bank mergers, with potential implications for competition in the credit card market.

via Reuters|
#acquisition#antitrust-scrutiny#business
finance1 year ago

Capital One Considers Acquisition of Discover Financial

Capital One is reportedly preparing to acquire Discover Financial Services, potentially merging two of the largest credit-card issuers in the US. The deal, which could be announced as soon as Tuesday, is not yet certain or final, and details are not available. Discover has faced challenges, including compliance lapses leading to the resignation of its CEO, while Capital One serves over 100 million customers. If the acquisition goes through, it could signal a rebound in mergers and acquisitions after a 10-year low in global M&A activity.

via Business Insider|
#acquisition#capital-one#credit-cards
business1 year ago

Capital One in Talks to Acquire Discover Financial

Capital One Financial is reportedly set to acquire Discover Financial Services, a move that would expand Capital One's credit-card offerings and mark one of the largest deals announced this year. The merger of the two major U.S. credit card issuers is expected to be announced soon, following reports of Capital One's consideration of an acquisition. This potential deal follows Capital One's previous acquisitions, including the purchase of digital concierge service Velocity Black in 2023.

via CNBC|
#acquisition#business#capital-one
finance2 years ago

Discover Financial's Profit Plunges 62% Amid Stock Tumble and Rising Delinquency

Discover Financial Services reported a 62% decrease in fourth-quarter profit, attributing the decline to compliance and risk-management issues that led to the resignation of its CEO. The company's shares fell as it grappled with increased operating expenses and a projected $500 million cost to address compliance issues in the coming year. Discover also announced plans to sell its student-loan business and named a new CEO as it anticipates minimal loan growth and a slight decrease in net interest margin for 2024.

via Yahoo Finance|
#compliance-costs#credit-card-lender#discover-financial-services
finance2 years ago

"US Stock Futures Flat as Dow Extends Losing Streak Amid Rising Bond Yields and Higher Import Prices"

U.S. stock futures remained steady after the Dow's third consecutive day of losses, with Discover shares dropping 9% in after-hours trading due to a higher net charge-off rate. Wall Street closed lower as Treasury yields rose, and concerns about a strong December retail sales report potentially leading to fewer rate cuts from the Federal Reserve. Investors are awaiting weekly jobless claims, housing starts, and building permits data, as well as a speech from Atlanta Fed President Raphael Bostic. Additionally, companies such as Discover Financial Services, Alcoa, and H.B. Fuller reported their fourth-quarter results, impacting stock movements in after-hours trading.

via CNBC|
#discover-financial-services#dow-jones#federal-reserve
finance2 years ago

Discover Financial Soars 7% After Committing to Consumer Compliance Improvement with FDIC

Discover Financial Services saw a 7% increase in its stock price after agreeing to enhance consumer compliance and corporate governance as part of a consent order with the FDIC. The bank has been taking steps to strengthen its compliance management system and address issues identified in the order. In addition to the consent order, Discover is also undergoing a regulatory review related to misclassified credit card accounts. The company has paused share repurchases and may face further enforcement actions or supervisory activity from the FDIC and other regulators.

via Yahoo Finance|
#compliance#consent-order#discover-financial-services
business2 years ago

CEO Roger Hochschild Resigns from Discover Financial

Discover Financial Services announced that CEO Roger Hochschild will step down, causing the company's shares to fall 5.5%. Board member John Owen has been named as interim CEO and president. This comes after the company disclosed a regulatory review over incorrectly classified credit card accounts and paused share repurchases. Discover's stock has fallen nearly 16% since the disclosures and buyback pause.

via Reuters|
#business#ceo#discover-financial-services
business2 years ago

Discover Financial Faces Stock Plunge and Regulatory Scrutiny Amid Accounting Mistake and Profit Miss

Discover Financial Services (DFS) saw its stock drop over 8% in after-hours trading after the company disclosed an accounting mistake and a Federal Deposit Insurance Corp. (FDIC) probe. While the company reported better-than-expected quarterly earnings, it revealed that it had misclassified certain credit-card accounts and made accounting errors dating back years. Discover has corrected the mistake and calculated a liability of $365 million for potential refunds to affected merchants. An external law firm is investigating the matter, and the company is in discussions with regulators. Additionally, Discover received a proposed consent order from the FDIC related to consumer compliance.

via Morningstar|
#accounting-mistake#business#dfs