Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. -, Discover -Inflation Is Making Home Improvement Projects Less Attainable for American Homeowners, Inflation Is Making Home Improvement Projects Less Attainable for American Homeowners, JPMorgan Adjusts Price Target on Discover Financial Services to $102 From $111, Keeps Neutral Rating, https://www.businesswire.com/news/home/20200504005773/en/. Net interest margin was 10.94%, up 26 basis points versus the prior year. From November 2015 until joining Nielsens management, he served as President of the Global Online Business at W.W. Grainger, Inc. Mr. Rawlinson joined Grainger in July 2012 and previously served as the Vice President of Operations for the Global Online Business, and prior to that, Vice President, Deputy General Counsel and Corporate Secretary of Grainger. Lower revenue was driven by a $729 million gain on an equity investment in the prior year compared to $42 million net losses on equity investments in the current year quarter. Discover Financial Services announced today that John Owen, former chief operating officer of Regions Financial, has joined the companys Board of Directors. Board of Directors Declares Semi-Annual Dividend for Preferred Stock and Quarterly Dividend for Common Stock. Diners Club volume was up 37% year-over-year reflecting an improvement in global travel and entertainment spending. Change value during other periods is calculated as the difference between the last trade and the most recent settle. Prior to joining Discover, Andy was an independent advisor from 2017 to 2018, and held various positions at McKinsey & Company from 1995 to 2017, where he was elected a senior partner in 2009. At Discover Financial Services, we promise to treat your data with respect and will not share your information with any third party. The Board of Directors declared a quarterly cash dividend of $0.60 per share of common stock payable on September 8, 2022, to holders of record at the close of business on August 25, 2022. She has overseen the PULSE Network since 2006. Callas is situated in the Var department and Provence-Alpes-Cte d'Azur region. Michael H. Moskow is currently Vice Chair and Distinguished Fellow, Global Economy at The Chicago Council on Global Affairs. This was partially offset by higher PULSE and Network Partners revenue. Since its inception in 1986, the company has become one of the largest card issuers in the United States. 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 (. 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. 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. Mark A. Thierer is managing partner of AssetBlue Investment Group, a position he has held since 2017. https://www.businesswire.com/news/home/20210223006141/en/, Media Contact To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Amir Arooni joined Discover in March 2020 as executive vice president, chief information officer. Mr. Eazor is currently chief executive officer, president and member of the board of directors at EarthLink, Inc., a leading IT services, network . From 2001-2015, he held various executive roles across ING. Inclusion, Accept He has been the managing partner of Tegean Capital Management, LLC since 2008, and a partner of Iron Park Capital Management, LLC since 2019, two investment advisory firms based in New York. From 2000 to 2009, he was president and chief executive officer of Ovation Pharmaceuticals Inc., a biopharmaceutical company he founded in 2000. He served as independent chairman since January 2019. Mr. Rawlinson served on the board of MonotaRO Co., Ltd. from 2014 to 2019 and the board of Nielsen Holdings plc from 2017 to 2021. He is a former presidential appointee to the George W. Bush and Barack Obama administrations and served as a senior advisor for economic policy with the White House National Economic Council. Ms. Duncan was admitted to the KPMG LLP partnership in 1987 and had more than 35 years of experience as a professional with the firm. The 30+ day delinquency rate for credit card loans was 1.76%, up 33 basis points year-over year and down 1 basis point from the prior quarter. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. View the full release here: https://www.businesswire.com/news/home/20210223006141/en/ Actual results may differ materially from those set forth in the forward-looking statements. Equity Loans, Personal You can sign up for additional alert options at any time. This press release features multimedia. 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. Back Credit Card, Travel Discover, Corporate For more information, visit www.discover.com/company. If JavaScript is disabled, some of the functionality on our website 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. Mr. Moskow serves on the board of directors of Flowstone Private Equity Opportunity Fund and served on the board of Commonwealth Edison Company, a subsidiary of Exelon Corporation, from 2008 to 2021. Fundamental company data and analyst estimates provided by FactSet. Mr. Hochschild was president and chief operating officer of Discover from 2004 to 2018. You must click the activation link in order to complete your subscription. Back Rewards, Refer The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. 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. Loans, Cash Popular places to visit nearby include Draguignan at 8 km and Seillans at 10 km. He spearheaded Simplify and Grow, a strategic initiative focused on improving the customer experience, creating more effective processes and driving revenue growth. Investor Contact: @Discover_News, Investor Relations Rawlinson was elected to Discovers Board of Directors and appointed to the Boards Audit Committee on Feb. 22. All rights reserved. Loans, Student Interest expense as a percent of total loans decreased 7 basis points from the prior year period, primarily driven by the maturity of high coupon consumer CDs and a favorable shift in the funding mix. Prior to joining Nielsen Holdings, Rawlinson was president of the Global Online Business at W.W. Grainger Inc. from 2015 to 2020. She previously served as Time, Inc.s president of digital and then its chief operating officer from 2016 to 2018, where she led growth strategy and digital business transformation. Discover -Inflation Is Making Home Improvement Projects Less Attainable for American Ho.. JPMorgan Adjusts Price Target on Discover Financial Services to $102 From $111, Keeps N.. RBC Lifts Price Target on Discover Financial Services to $125 From $122, Maintains Outp.. U.S. banks are dangling promotions to lock in customer deposits, analysts say. 224-405-4555 Information processing decreased primarily due to software write-offs in the prior year quarter. He joined Discover in February of 2021 as chief compliance officer and was subsequently named the role of chief risk officer in July 2021. The Board of Directors of Discover Financial Services declared a quarterly cash dividend of $0.50 per share of common stock payable on December 9, 2021, to holders of record at the close of business on November 24, 2021. Gregory C. Case Director - Compensation and Leadership Development Committee (Chair) Jon Drummond Discover Financial Services, Inc. is an American financial services company, which issues the Discover Card and operates the Discover and Pulse networks, and owns Diners Club International. Source: Kantar Media, President, Chief Executive Officer & Director. Credit Card, Student See terms and conditions for details. The company is suspending until further notice its existing share repurchase program because of an internal investigation relating to its student loan servicing practices and related compliance matters. Since its inception in 1986, the company has become one of the largest card issuers in the United States. Equity Loans, Personal He began his career in information systems with McDonnell-Douglas. His background in information solutions and global perspective will help Discover continue to succeed as a leading digital consumer bank.. Shares of common stock outstanding declined by 2.0% from the prior quarter. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. Roger C. Hochschild, chief executive officer and president of Discover, was elected to the board in August 2018. Weinbach, who was 80, joined Discover as an original board member when the company went public in 2007 and was lead director on Discovers board from 2009 to 2018. In her position, she has the primary or secondary responsibility for managing all aspects of . Diane E. Offereins was named executive vice president, payment services in 2008 with responsibility for Discover Network, PULSE and Diners Club International. I benefitted greatly from Larrys steady guidance and stewardship, and I am grateful for having had the opportunity to work so closely with him.. Credit Card, Business Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. RIVERWOODS, Ill.--(BUSINESS WIRE)-- Data may be intentionally delayed pursuant to supplier requirements. Prior to joining Aon, Mr. Case was with McKinsey & Company, an international management consulting firm, for 17 years, most recently serving as head of the Financial Services Practice. Total loans ended the quarter at $99.3 billion, up 13% year-over-year, and up 6% sequentially. 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 . At Discover Financial Services, we promise to treat your data with respect and will not share your information with any third party. Ms. Bush served on the board of Marriott International, Inc. from 2008 to 2020. Loans, Student Copy and paste multiple symbols separated by spaces. It operates under the Digital Banking and Payment Services segments. He previously served as vice president of operations for Graingers online business in 2015 and as deputy general counsel and corporate secretary from 2012 to 2014. Discover Financial Services announced today that David L. Rawlinson II, chief executive officer of NielsenIQ, has joined the companys Board of Directors. Credit Card, Student Ms. Duncan also was on the KPMG LLP board of directors from 2009 to 2013, and served as chair of the board's nominating committee as well as the partnership and employer of choice committee. Discover Financial Services published this content on 09 March 2023 and is solely responsible for the information contained therein . Boulevard Du Marechal Joffre, (service Envoi Wu Sur Automate), Residence Espace Euro, Av De La 1ere Armee, Avenue Du Marechal Juin, (service Envoi Wu Sur Automate), Cours De La Republique, (service Envoi Wu Sur Automate), 49 Boulevard Jean Moulin, (service Envoi Wu Sur Automate), 112 Route Nationale, 7 Quartier Le Peyrouas, 13 Rue De L Egalite, (service Envoi Wu Sur Automate). Discover Financial Services (NYSE: DFS) today reported net income of $1.1 billion or $3.96 per diluted share for the second quarter of 2022, as compared to a net income of $1.7 billion or $5.55 per diluted share for the second quarter of 2021. 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. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. RIVERWOODS, Ill.--(BUSINESS WIRE)-- Credit Card, Business 12 members +7. Ms. Duncan is a member of the board of directors of Teleflex Inc. and served on the board of FTD Companies, Inc. from 2014 to 2019.

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