You must click the activation link in order to complete your subscription. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. Credit Card, Student Responsibility, Diversity & Discover Financial Services, Metropolitan Family Services, Principal Financial Group, Inc., The Student Loan Corp., Chicago Public Media, Inc., Principal Financial Services, Inc., Discover Financial Services (UK) Ltd. It operates the Discover Global Network comprised of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance around the world. 10 members +7. Since its inception in 1986, the company has become one of the largest card issuers in the United States. Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since joining Discover in 2007, Dan has held leadership positions in the deposits business and corporate finance. . Amir holds a Master of Science degree in Positive Leadership and Strategy from IE University in Madrid, Spain; a Master of Science degree in Consulting and Coaching for Change from HEC School of Management, Paris and Oxford University, England; and an MBA from Erasmus University Rotterdam, the Netherlands and the University of North Carolina, Chapel Hill. The Discover Board of Directors has appointed board member Thomas Maheras as Chairman, effective immediately, following the unexpected May 1 death of Chairman Lawrence Weinbach. For more information, visit www.discover.com/company. He served as Executive Chairman from September 2018 to December of 2018. Since its inception in 1986,. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect managements estimates, projections, expectations or beliefs at that time, and which are subject to significant risks and uncertainties that may cause actual results to differ materially. Currently, he is the chairman of several of Paragons portfolio companies, including Harmony Biosciences Holdings, Inc. From 2010 to 2017, Mr. Aronin was also chairman and chief executive officer of Marathon Pharmaceuticals, a research-based prescription biopharmaceutical company. https://www.businesswire.com/news/home/20220607006303/en/, Do Not Sell My Personal Information (CA Residents Only). Discover Financial Services Reports Second Quarter 2022 Net Income of $1.1 Billion or $3.96 Per Diluted Share, SEGMENT- INCOME/(LOSS) BEFORE INCOME TAXES, http://investorrelations.discoverfinancial.com, Contact Data may be intentionally delayed pursuant to supplier requirements. They collectively have substantive knowledge Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Shares of common stock outstanding declined by 2.0% from the prior quarter. The entire Discover community joins me in extending its deepest sympathies to Larrys family as the company mourns the untimely passing of our colleague, leader and friend, said Roger Hochschild, CEO and president of Discover. Jeffrey S. Aronin has been chairman and chief executive officer of Paragon Pharmaceutical Capital, LLC since 2010. As a member of Discover Global Network, we have the capabilities to suit your needs. Discovers Board will now stand at thirteen directors. Jon Drummond Morgan Stanley Adjusts Price Target on Discover Financial Services to $112 From $115, K.. Earlier in her career, Ms. Wong held several executive management roles at AOL and worked with a range of digital media and technology clients at McKinsey & Company. of Use, Credit He was appointed to oversee consumer banking products in 2006 and led cardmember services from 2001-2006. Provision for credit losses of $549 million increased $414 million from the prior year driven by a $110 million reserve build in the current quarter compared to a $321 million reserve release in the prior year quarter, partially offset by lower net charge-offs. Since its inception in 1986, the company has become one of the largest card issuers in the United States. Resources, ATM Loans, Student You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Additional factors impacting dividends and share repurchases can be found in "Business - Supervision and Regulation", Risk Factors and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's annual report on Form 10-K for the year ended December 31, 2020, and Risk Factors in the companys quarterly report on Form 10-Q for the quarter ended June 30, 2021, which are filed with the SEC and available at the SEC's website (www.sec.gov). 224-405-6304 Additional factors that could cause the company's results to differ materially from those described in the forward-looking statements can be found under Risk Factors, Business - Competition, Business - Supervision and Regulation and Management's Discussion and Analysis of Financial Condition and Results of Operations in the company's Annual Report on Form 10-K for the year ended December 31, 2021, "Risk Factors" and Management's Discussion & Analysis of Financial Condition and Results of Operations in the company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 which is filed with the SEC and available at the SEC's internet site (http://www.sec.gov) and subsequent reports on Forms 8-K and 10-Q, including the company's Current Report on Form 8-K filed today with the SEC. Net charge-offs of $429 million were $27 million lower than the prior year period. Discover. Responsibility, Diversity & Us, Terms Discover, Corporate Since its inception in 1986, the company has become one of the largest card issuers in the United States. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. Carlos Minetti has served as executive vice president, president of consumer banking since February 2014. Chicago . By providing your email address below, you are providing consent to Discover Financial Services to send you the requested Investor Email Alert updates. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. The following factors, among others, could cause actual results to differ materially from those set forth in the forward-looking statements: the effect of the coronavirus disease 2019 pandemic and measures taken to mitigate the pandemic, including their impact on our credit quality and business operations as well as their impact on general economic and financial markets; changes in economic variables, such as the availability of consumer credit, the housing market, energy costs, the number and size of personal bankruptcy filings, the rate of unemployment, the levels of consumer confidence and consumer debt, and investor sentiment; the impact of current, pending and future legislation, regulation, supervisory guidance, and regulatory and legal actions, including, but not limited to, those related to accounting guidance, tax reform, financial regulatory reform, consumer financial services practices, anti-corruption and funding, capital and liquidity; the actions and initiatives of current and potential competitors; the company's ability to manage its expenses; the company's ability to successfully achieve card acceptance across its networks and maintain relationships with network participants and merchants; the company's ability to sustain its card, private student loan and personal loan growth; the companys ability to increase or sustain Discover card usage or attract new customers; difficulty obtaining regulatory approval for, financing, closing, transitioning, integrating or managing the expenses of acquisitions of or investments in new businesses, products or technologies; the company's ability to manage its credit risk, market risk, liquidity risk, operational risk, compliance and legal risk, and strategic risk; the availability and cost of funding and capital; access to deposit, securitization, equity, debt and credit markets; the impact of rating agency actions; the level and volatility of equity prices, commodity prices and interest rates, currency values, investments, other market fluctuations and other market indices; losses in the company's investment portfolio; limits on the company's ability to pay dividends and repurchase its common stock; limits on the company's ability to receive payments from its subsidiaries; fraudulent activities or material security breaches of its or others key systems; the company's ability to remain organizationally effective; the effect of political, economic and market conditions, geopolitical events, climate change and unforeseen or catastrophic events; the company's ability to introduce new products or services; the company's ability to manage its relationships with third-party vendors, as well as those which we have no direct relationship such as our employees internet service providers; the company's ability to maintain current technology and integrate new and acquired systems and technology; the company's ability to collect amounts for disputed transactions from merchants and merchant acquirers; the company's ability to attract and retain employees; the company's ability to protect its reputation and its intellectual property; the companys ability to comply with regulatory requirements; and new lawsuits, investigations or similar matters or unanticipated developments related to current matters. Such statements, which speak to our expected business and financial performance, among other matters, contain words such as believe, expect, anticipate, intend, plan, aim, will, may, should, could, would, likely, and similar expressions. Key People Discover Financial Services Board of Directors Name/Title Current Board Membership expand All Executives Roger C. Hochschild President, Chief Executive Officer & Director Amir S.. RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover Financial Services announced today that David L. Rawlinson II, chief executive officer of NielsenIQ, has joined the companys Board of Directors. Hope Mehlman joined Discover in January 2023 and is the chief legal officer, general counsel and secretary. 224-405-1888 First, we see that ten out of the eleven board members of DFS are independent and the only non . Credit card loans ended the quarter at $79.2 billion, up 15% year-over-year. Tickets cost 55 - 85 and the journey takes 10h 20m. Discover Financial Services is a holding company. You must click the activation link in order to complete your subscription. Discover Financial Services : BOARD OF DIRECTORS APPROVES REPURCHASE OF UP TO $4.2 BILLION OF COMMON STOCK AND INCREASES THE QUARTERLY COMMON STOCK DIVIDEND 20% TO $0.60 PER SHARE - Form 8-K. . RIVERWOODS, Ill.-- ( BUSINESS WIRE )--Discover Financial Services announced today that David L. Rawlinson II, chief executive officer of NielsenIQ, has joined the company's Board of Directors . Locator, Credit Inclusion, Accept To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Rawlinson was elected to Discovers Board of Directors and appointed to the Boards Audit Committee on Feb. 22. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. The amount and timing of any future dividends and share repurchases are subject to the discretion of the companys board of directors and will depend upon the companys results of operations, financial condition, cash requirements, future prospects, market conditions, capital requirements, applicable law and regulations (including federal securities laws and federal banking regulations) and other factors, and may be subject to regulatory approval or conditions. Loans, Cash Total operating expenses were up $94 million year-over year, or 9%, driven by higher expenses for marketing and employee compensation partially offset by lower information processing. Loans, Student Discover similar companies. Discover, Unrealized Gains/(Losses) on Equity Investments, Realized Gains/(Losses) on Equity Investments, Net Income/(Loss) Allocated to Common Stockholders, Total Liabilities and Stockholders' Equity, Note: See Glossary for definitions of financial terms in the financial supplement which is available online at the SEC's website (. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. In 2007, she served on the U.S. Department of the Treasury's Advisory Commission on the Auditing Profession. Equity Loans, Personal View the full release here: https://www.businesswire.com/news/home/20220607006303/en/, In 2021, Owen retired from Regions Financial after a successful 14-year tenure with the company where he oversaw the banks technology transformation, cybersecurity, data and analytics and artificial intelligence (AI) efforts. 224-405-5923 John holds a bachelors degree in accounting from the State University of New York and a masters degree in Business Administration from the Kellogg School of Management at Northwestern University. Create your Watchlist to save your favorite quotes on Nasdaq.com. Prior to that, he was chairman and co-chief executive officer of Citi Markets and Banking, the investment banking division of Citigroup, Inc. Airlines. of Use, Credit Independent Chairman -Risk Oversight Committee, Director - Compensation and Leadership Development Committee, Director - Nominating, Governance and Public Responsibility Committee (Chair), Risk Oversight Committee, Director - Compensation and Leadership Development Committee (Chair), Director - Audit Committee, Nominating, Governance and Public Responsibility Committee, Director - Risk Oversight Committee (Chair), Director - Compensation and Leadership Development Committee, Nominating, Governance and Public Responsibility Committee. The dividend will be payable on October 31, 2022, to the holders of record at the close of business on October 14, 2022. of Use, Credit A financial summary follows. NOTE: Each bank's board of directors and senior management are responsible for establishing and maintaining an effective system of internal control, including controls over the Reports of Condition and Income. If you experience any issues with this process, please contact us for further assistance. Please Note: JavaScript is not enabled in your web browser. Network Partners volume increased 22% from the prior year primarily reflecting higher AribaPay volume. Prior to joining Regions Financial, Owen was chief executive officer of Assurant Specialty Property, a Fortune 500 company based in Atlanta. He joined Discover in December 2019 and has more than 20 years of information technology experience in financial services and analytics at organizations such as LexisNexis, Ernst & Young, LLP, Connexion Point, LLC, and Hartford Financial Services. Under his leadership at Regions, the bank consistently evolved how it served its customers, such as unveiling an overhauled and upgraded mobile app for both iOS and Android devices. Discover Financial Services (NYSE: DFS): Total revenue net of interest expense (in millions). 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