News Topic: Discover Financial Services

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

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

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. ... Read full article

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

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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. ... Read full article

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

Lawrence Weinbach will replace David Nelms, who had already stepped as CEO. The transition will take place Jan. 1. ... Read full article

Personal loans are "tricky to underwrite" because consumer credit scores are high at the time of origination and then drift downward, says Roger Hochschild, who recently took over as the head of Discover Financial Services. ... Read full article

Double-digit gains in card volume offset an uptick in problem loans. ... Read full article

Four lenders, led by Sallie Mae, have long dominated the market for private student loans. But they could soon face new competition from Navient and Nelnet. ... Read full article

Digital banks dispute the notion that they can skimp on customer service because millennials are only shopping for low fees and high savings rates. ... Read full article

A smaller tax bill and a double-digit growth in card loans offset weakening credit quality at the Riverwoods, Ill., company. ... Read full article

The credit card lender reported a decline in pretax earnings, but a sharply reduced tax bill led to a 17% profit gain. ... Read full article

David Nelms said that many digital lenders do not understand how to underwrite personal loans properly, and he took a dig at their lack of profitability. The upstarts say their industry's ability to attract capital speaks for itself. ... Read full article