Discover Financial Services

Discover eliminates fees on checking, savings accounts


The move figures to generate more low-cost funding for the firm’s consumer lending businesses without sacrificing substantial revenue.


Fifth Third, Discover, BMO Financial: Bankers on the move


Some of the biggest industry moves in May and early June were not executive promotions, but rather departures.


Capital One, Discover prepping for next downturn


The large credit card issuers are becoming more selective about who they are extending credit to and how much they are willing to lend, their CEOs said Tuesday.


Discover's finance chief to retire next year


Mark Graf, who joined the Riverwoods, Ill.-based credit card issuer in 2011, will participate in the search for his successor.


Credit card charge-offs hit seven-year high


Thirty-day delinquency rates, a harbinger of future write-offs, also increased at all seven of the largest U.S. card issuers in the first quarter.


Broad-based loan growth drives higher profits at Discover


The company's credit card business has been outpacing industry-wide loan growth. In the first quarter, results were also aided by higher loan yields.


Booming economy means less fee income for credit card issuers


Though banks are generating more revenue from interchange and annual fees, those gains have been offset by declines in income from cash advances and late fees.


Banks spend heavily on marketing to win deposits, push digital


At banks of all sizes — from the $7.2 billion-asset WSFS Financial to the $373 billion-asset Capital One — marketing budgets ballooned in the fourth quarter.


Discover's rewards push pays off — at a steep cost


Discover leaned heavily on rewards to drive new card acquisitions and sales growth in the fourth quarter, but suffered a double whammy of rising reward costs and higher charge-offs, causing it to miss analyst earnings expectations.


Discover’s revenue jumps, but so do charge-offs and delinquencies


Delinquencies, which are on the rise across financial services, clouded an otherwise solid quarter for Discover Financial Services.