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. 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. 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. She has overseen the PULSE Network since 2006. 224-405-5923 Morgan Stanley Adjusts Price Target on Discover Financial Services to $112 From $115, K.. Prior to joining Discover, David adds another expert perspective to the deep experience of our current Board with his track record of success in digital commerce, said Roger Hochschild, CEO and president of Discover. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. 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. DISCOVER FINANCIAL SERVICES NAMES JOSEPH F. EAZOR TO ITS BOARD OF DIRECTORS . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Eric Wasserstrom 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. 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. Mr. Hochschild was president and chief operating officer of Discover from 2004 to 2018. She served as vice president and head of International Finance of Fannie Mae and as the U.S. Alternate Executive Director of the International Monetary Fund Board. He has served as chairman of the U.S. Treasury Department Borrowing Advisory Committee and as an executive committee member of the Board of Directors of the Securities Industry and Financial Markets Association. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. 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. Eric Wasserstrom Employee compensation increase was driven by higher headcount and higher average salaries and benefits. 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). Prior to joining Discover, Hope was executive vice president, general counsel, and corporate secretary of Bank of the West and corporate secretary of BNP Paribas USA, Inc. Hope holds a Bachelor of Arts degree from Cornell University, a Juris Doctor from Seton Hall University Law School and a Master of Laws in Taxation from New York University School of Law. Dan holds a bachelor's degree in business administration from Northeastern University. Credit Card, Business Mary K. Bush has served as the chairman of Bush International, LLC, a financial and business strategy advisory firm, since 1991. The dividend will be payable on September 23, 2022, to the holders of record at the close of business on September 8, 2022. The Digital Banking segment focuses on consumer banking and lending products, specifically Discover-branded credit cards issued to individuals on the Discover Network and other consumer banking products and services including private student loans, personal loans, home loans, and deposit products. 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. For more information, visit www.discover.com/company. If JavaScript is disabled, some of the functionality on our website @Discover_News, Investor Relations Discover Financial Services is a holding company. These forward-looking statements speak only as of the date of this press release, and there is no undertaking to update or revise them as more information becomes available. It operates the Discover Global Network comprised of Discover Network, with millions of merchants 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. Owen was elected to Discovers Board of Directors and appointed to the Boards Risk Oversight Committee on June 6, 2022. Robert Weiss Agreement, Home To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Michael H. Moskow is currently Vice Chair and Distinguished Fellow, Global Economy at The Chicago Council on Global Affairs. Us, Terms of Use, Credit Mr. Thierer is a member of the board of directors of Xeris Pharmaceuticals, Inc. and Senior Connect Acquisition Corp. Jennifer L. Wong has been the chief operating officer of Reddit, Inc., a community and discussion platform, since 2018, where she oversees business strategy and growth, and related teams for the company. If you experience any issues with this process, please contact us for further assistance. He began his career in information systems with McDonnell-Douglas. Discovers Board will now stand at thirteen directors. Loans, Cash 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. . Responsibility, Diversity & You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. Investors: 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. Locator, Credit 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. Bush is a member of the board of directors of ManTech International Corporation, T. Rowe Price Group, Inc., and Bloom Energy. Locator, Credit Prior to assuming this role, he served as president and chief executive officer of Conifer Health Solutions, a healthcare business solutions organization, from January August 2020. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. Our solid second quarter results reflected robust revenue growth, characterized by strong sales, increased receivables growth and margin expansion, said Roger Hochschild, CEO and President of Discover. Scorecard, Cash At Discover Financial Services, we promise to treat your data with respect and will not share your information with any third party. Type a symbol or company name. She was executive vice president and chief technology officer from 1998 to 2008. 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. Hope Mehlman joined Discover in January 2023 and is the chief legal officer, general counsel and secretary. RIVERWOODS, Ill.--(BUSINESS WIRE)-- Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. 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. From 2011 to 2013, he served as executive vice president and chief operating officer of global sales and customer operations at EMC and prior to that he served in a variety of leadership roles at Hewlett Packard and Electronic Data Systems. You can sign up for additional alert options at any time. Tickets cost 55 - 85 and the journey takes 10h 20m. Total loans ended the quarter at $99.3 billion, up 13% year-over-year, and up 6% sequentially. Payment Services volume was $82.9 billion, up 6% year-over-year. Discover Financial Services announced today that John Owen, former chief operating officer of Regions Financial, has joined the companys Board of Directors. Equity Loans, Personal 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. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. 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. He joined Discover in February of 2021 as chief compliance officer and was subsequently named the role of chief risk officer in July 2021. . Prior to joining Discover, he served as chief compliance officer at Wells Fargo where he oversaw the transformation of the enterprise compliance function, and Barclays where he held the roles of chief compliance officer and chief internal auditor. Prior to joining Discover he served as CIO for NN Group in the Netherlands, a spin-off of ING. As a member of Discover Global Network, we have the capabilities to suit your needs. Airlines. investorrelations@discover.com. Take a look at the graphic below. CEO and Executive Team. Thomas G. Maheras was appointed independent chairman in May 2020, following his service as director starting in 2008. All rights reserved. Agreement, Home Net interest margin was 10.94%, up 26 basis points versus the prior year. 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. Source: FactSet. He was executive vice president, chief administrative and strategic officer for Morgan Stanley from 2001 to 2004, and was executive vice president, chief marketing officer - Discover from 1998 to 2001, when Discover was a part of Morgan Stanley. You can sign up for additional alert options at any time. Wells Fargo Adjusts Discover Financial Services Price Target to $103 From $105, Maintai.. Free Resources From Discovery Education Support Financial Capability Month, Discover Financial Services Announces 2023 Annual Meeting of Shareholders, AL RAJHI BANKING AND INVESTMENT CORPORATION, HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED, President, Chief Executive Officer & Director, Chief Financial Officer & Executive Vice President, Chief Human Resources & Administrative Officer. This press release features multimedia. Diners Club volume was up 37% year-over-year reflecting an improvement in global travel and entertainment spending. Net interest income for the quarter increased $311 million, or 14% driven by higher average receivables and net interest margin expansion. Mr. Thierer previously served as chairman and chief executive officer of Catamaran Corporation, one of the nation's largest pharmacy benefit management companies, from March 2011 until it combined with OptumRx in 2015. Credit Card, Student Owens track record of innovation for Regions includes his fintech partnership strategy, launching a new business focused on serving the underbanked population and the development of Regions mobile app, John brings nearly four decades of experience in the banking industry and has a wealth of knowledge related to technology transformation to enhance the customer experience, said Roger Hochschild, CEO and President of Discover. 224-405-6304 It operates under the Digital Banking and Payment Services segments. Resources, ATM a Friend, About Our success is built on diverse corporate management and financial industry experience. 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. Prior to that, Ms. Wong held the role of chief business officer from 2011 to 2015 at Popsugar, Inc., a media and technology company, where she led business operations and the company's media and commerce businesses. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Since its inception in 1986, the company has become one of the largest card issuers in the United States. FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Credit Card, NHL The small village is centred around its traditional church, which is surrounded by a circle of medieval houses that formed the original defences for the village. Discover. This was partially offset by higher PULSE and Network Partners revenue. He was appointed to oversee consumer banking products in 2006 and led cardmember services from 2001-2006. Roger C. Hochschild was named chief executive officer and president, effective October 2018, and was elected to the Discover board of directors in August 2018. Source: Kantar Media, President, Chief Executive Officer & Director. Please Note: JavaScript is not enabled in your web browser. Discover, Corporate and skills applicable to our business, including in the areas of regulation, public accounting and financial reporting, finance, risk management, business development, technology, marketing, operations, strategic planning, management development Loans, Cash Digital Banking pretax income of $1.4 billion for the quarter was $98 million lower than the prior year period reflecting a higher provision for credit losses and higher operating expenses, mostly offset by increased revenue net of interest expense. Rawlinson was elected to Discovers Board of Directors and appointed to the Boards Audit Committee on Feb. 22. Discover Financial Services Names David L. Rawlinson II to Its Board of Directors, https://www.businesswire.com/news/home/20210223006141/en/, Contact 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Independent board of directors and a qualified audit committee. Wong was elected to the Board on July 18 and serves on the Risk Oversight Committee of Discover's Board of Directors. Payment Services pretax income of $20 million was down $672 million year-over-year. Owens track record of innovation for Regions includes his fintech partnership strategy, launching a new business focused on serving the underbanked population and the development of Regions mobile app, John brings nearly four decades of experience in the banking industry and has a wealth of knowledge related to technology transformation to enhance the customer experience, said Roger Hochschild, CEO and President of Discover. Credit Card, Cardmember Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. This press release features multimedia. and succession, compensation, corporate governance, public policy, international matters, banking and financial services. Create your Watchlist to save your favorite quotes on Nasdaq.com. robertweiss@discover.com Now, Diners Club International Ltd. is a direct banking and payment services company owned by Discover Financial Services (NYSE: DFS), one of the most recognized brands in US financial services. ericwasserstrom@discover.com, Media Contact: Andy Eichfeld joined Discover in September 2018 as executive vice president, chief human resources and administrative officer. After submitting your request, you will receive an activation email to the requested email address. 81. 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. Discover Financial Services announced today that David L. Rawlinson II, chief executive officer of NielsenIQ, has joined the companys Board of Directors. You must click the activation link in order to complete your subscription. David adds another expert perspective to the deep experience of our current Board with his track record of success in digital commerce, said Roger Hochschild, CEO and president of Discover. 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. PULSE dollar volume was flat year-over-year primarily driven by receding spend on debit products related to the end of federal stimulus programs. Ms. Bush was the inaugural head and managing director of the Federal Housing Finance Board, where she established financial policies and oversaw management and safety and soundness for the nations Federal Home Loan Banks. 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. Ms. Bush served on the board of Marriott International, Inc. from 2008 to 2020. He was executive vice president, chief administrative and strategic officer for Morgan Stanley from 2001 to 2004, and was executive vice president, chief marketing officer - Discover from 1998 to 2001, when Discover was a part of Morgan Stanley. 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. 224-405-4555 Both the earnings release and the financial supplement are available online at the SEC's website (http://www.sec.gov) and the company's website (https://investorrelations.discover.com). Please Note: JavaScript is not enabled in your web browser. Since its inception in 1986, the company has become one of the largest card issuers in the United States. At Discover Financial Services, we promise to treat your data with respect and will not share your information with any third party. Mr. Eazor also served on the board of Commvault, a data protection and information management company, from 2015 to 2018. RIVERWOODS, IL - January 15, 2016 - Discover Financial Services (NYSE: DFS) announced that Joseph F. Eazor has joined the company's Board of Directors. Mr. Owen has over 38 years of experience in banking, information technology that spans multiple industries including banking, insurance, airlines, and the defense industry. International stock quotes are delayed as per exchange requirements. RIVERWOODS, Ill.--(BUSINESS WIRE)--The Board of Directors of Discover Financial Services declared a quarterly cash dividend of $0.44 per share of common stock payable on June 3, 2021, to holders . RIVERWOODS, Ill.--(BUSINESS WIRE)-- Since its inception in 1986, the company has become one of the largest card issuers in the United States. Roger was president and chief operating officer of Discover from 2004 to 2018. 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