Discover Financial Services

Overview

Date Founded

1960

Headquarters

2500 LAKE COOK ROAD, RIVERWOODS, IL, 60015

Type of Company

Public

Employees (Worldwide)

17.6K

Industries

Consumer Finance

Company Description

Discover Financial Services is a holding company, which engages in the provision of direct banking and payment services. It operates through the Direct Banking and Payment Services segments. The Direct Banking segment offers Discover-branded credit cards issued to individuals and small businesses on the Discover Network; and consumer banking products and services, including private student loans, personal loans, home equity loans, and deposit products. The Payment Services segment includes PULSE, Diners Club, and the company's network partners business, which includes credit, debit, and prepaid cards issued on the Discover Network by third parties. The company was founded in 1986 and is headquartered in Riverwoods, IL.

Website

www.discover.com

Contact Data

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In The News

RelSci

February 24, 2021

David Rawlinson is now serving in a new board position at Discover Financial Services

Business Wire

February 23, 2021

Discover Financial Services Names David L. Rawlinson II to Its Board of Directors

Nasdaq

February 19, 2021

Discover Financial (DFS) Joins Sezzle to Aid Payment Platform

Nasdaq

February 19, 2021

Discover (DFS) Down 4.2% Since Last Earnings Report: Can It Rebound?

SEC

February 17, 2021

Discover Financial Services filed form 10-K

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Executives & Employees

Roger Hochschild

Director, Chief Executive Officer & President

John T. Greene

Executive Vice President & Chief Financial Officer

Wanji Walcott

Chief Legal Officer, Executive Vice President & General Counsel

D. Christopher Greene

Secretary, Vice President & Deputy General Counsel

Brian Hughes

Executive Vice President & Chief Risk Officer

James V. Panzarino

Chief Credit Risk Officer

Amir Arooni

Chief Information Officer & Executive Vice President

Keith Toney

Chief Data & Analytics Officer

Shifra Kolsky

Senior Vice President, Controller & Chief Accounting Officer

Carlos Minetti

President, Consumer Banking & Operations

Board of Directors

Thomas G. Maheras

Managing Member at Tegean Capital Management LLC

Greg Case

Chief Executive Officer & Executive Director at Aon Plc

Roger Hochschild

Director, Chief Executive Officer & President at Discover Financial Services

Cynthia A. Glassman

Mary K. Bush

Former Vice President & Head, International Finance at Fannie Mae

Michael H. Moskow

Vice Chairman & Distinguished Fellow, Global Economy at The Chicago Council on Global Affairs

Candace Duncan

Former Director & Managing Partner at KPMG LLP

Jeffery S. Aronin

Chairman, Co-Founder at Castle Creek Pharmaceuticals LLC

Mark Thierer

Industry Advisor at Madison Dearborn Partners LLC

David Rawlinson

Director & Chief Executive Officer, Global Connect at Nielsen Holdings Plc

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Owners & Shareholders

Details Hidden

Macquarie Investment Management Business Trust

MIMBT maintains a flexible strategy designed to conform with various clients’ individual investment objectives, whether such objectives are growth, total return, current income, tax-exempt income, asset allocation, international or global, or stability of principal. In addition, a portfolio manager will generally consider the composition of the relevant benchmark index, as well as the composition of portfolios within a competitive peer group when constructing the portfolio for a fund. This method is designed to minimize both excessive volatility within the portfolio and wide divergence in performance versus the market in a given investment style or mandate, while seeking to produce consistently above average long-term performance. MIMBT manages separate client-focused equity, debt, and balanced portfolios. They invest in the public equity and debt markets of the US, non-US, and other emerging economies. They invest in growth-oriented value stocks of small-cap, mid-cap and large-cap companies. The firm selects countries by utilizing a top-down approach and selects using fundamental analysis with a bottom-up approach.

Details Hidden

The Windacre Partnership LLC

TWP uses a long-only investment strategy, investing almost exclusively in publicly traded equities (or equivalents). Their investment advisory services are focused on publicly traded equities (or their equivalents). The partnership pursues a long-only investment strategy and does not engage in short sales or other forms of hedging. It also does not employ the use of leverage.

Details Hidden

DZ Privatbank

DZ PRIVATBANK is a value-based, long-term oriented manager which provides tailored investment and asset management services where client assets are invested in a broadly diversified portfolio of bonds and equities, which accounts for about 70 percent of the total investment and provides a basic yield with sufficient stability. The firm’s experienced portfolio specialists and analysts monitor a wide range of material bond issuers, equities and commodities, as well as currencies in major economies around the world, providing a solid foundation for the value of client assets.

Recent Transactions

Details Hidden

Cornèr Banca SA purchases Discover Financial Services /Subs (2) from Discover Financial Services

Details Hidden

Discover Financial Services purchases EMVCo, LLC. from American Express Co., MasterCard, Inc., Visa, Inc., JCB Co., Ltd., China Unionpay Merchant Services Co., Ltd.

Details Hidden

Discover Financial Services, Discover Financial Services (UK) Ltd. purchase Diners Club Italia SRL from Findale Enterprises Ltd.

Insider Transactions

Details Hidden

Diane E. Offereins

Details Hidden

Carlos Minetti

Details Hidden

Brian Hughes

Transaction Advisors

Legal Advisor

Sidley Austin LLP

Advised on purchases Discover Financial Services from Morgan Stanley

Investment Advisor

Barclays Capital, Inc.

Advised onDiscover Financial Services purchases The Student Loan Corp. from Citigroup, Inc.

Legal Advisor

Jones Day

Advised onCornèr Banca SA purchases Discover Financial Services /Subs (2) from Discover Financial Services

Legal Advisor

Jonathan Wallace

Advised on purchases Discover Financial Services from Morgan Stanley

Legal Advisor

Paul L. Choi

Advised onDiscover Financial Services purchases The Student Loan Corp. from Citigroup, Inc.

Legal Advisor

Roger S. Lucas

Advised onMorgan Stanley, Discover Financial Services purchase PULSE EFT Association LP

Advisors & Consultants

Legal Advisor

Chris Hohn

Partner at Thompson Coburn LLP

Legal Advisor

Jennifer S. Selendy

Co-Founder at The Speyer Legacy School

Legal Advisor

Colin Kass

Partner at Proskauer Rose LLP

Clients

Southwest Airlines Co.

With 41 years of service, Southwest Airlines Co. (Southwest), a low-fare major domestic airline, continues to differentiate itself from other low-fare carriers, offering a reliable product with exemplary Customer Service. Southwest was incorporated in Texas and commenced Customer Service on June 18, 1971 with three Boeing 737 aircraft serving three Texas cities - Dallas, Houston, and San Antonio. Today, Southwest is the nation's largest carrier in terms of originating domestic passengers boarded serving 78 destinations in 39 states and the District of Columbia. On May 2, 2011, Southwest completed the acquisition of AirTran Holdings, Inc., and now operates AirTran Airways as a wholly owned subsidiary. Southwest has among the lowest cost structures in the domestic airline industry, consistently offers the lowest and simplest fares, and has one of the best overall Customer Service records. LUV is our stock exchange symbol, selected to represent our home at Dallas Love Field, as well as the theme of our Employee and Customer relationships. Southwest is one of the most honored airlines in the world known for its commitment to the triple bottom line of Performance, People, and Planet. To read more about how Southwest is doing its part to be a good citizen, click on the tab above to read the Southwest Airlines 2011 One Report™

Square, Inc.

Square, Inc. engages in the provision of credit card payment processing solutions. It is a cohesive commerce ecosystem that helps sellers start, run, and grow their businesses. The firms sellers downloads the Square Point of Sale mobile app, they can quickly and easily take their first payment, typically within minutes. Its system, sellers gain access to features such as next-day settlements, digital receipts, payment dispute management, data security, and Payment Card Industry compliance. The firm offers additional point-of-sale services, financial services, and marketing services. The company was founded by Jack Dorsey and Jim McKelvey in February 2009 and is headquartered in San Francisco, CA.

Vonage Holdings Corp.

Vonage (NYSE: VG) is a leading provider of low-cost communications services connecting individuals through broadband devices worldwide. Our technology serves approximately 2.4 million subscribers. We provide feature-rich, affordable communication solutions that offer flexibility, portability and ease-of-use. Our Vonage World plan offers unlimited calling to more than 60 countries with popular features like call waiting, call forwarding and voicemail - for one low monthly rate. Vonage's service is sold on the web and through regional and national retailers including Wal-Mart Stores Inc. and is available to customers in the U.S. (www.vonage.com), Canada (www.vonage.ca) and the United Kingdom (www.vonage.co.uk). Vonage Holdings Corp. is headquartered in Holmdel, New Jersey. Vonage® is a registered trademark of Vonage Marketing Inc., a subsidiary of Vonage Holdings Corp

Key Stats and Financials As of 2020

Market Capitalization

$29.3B

Total Enterprise Value

$49B

Earnings Per Share

$3.6

Revenue

$13B

Total Equity

$10.9B

Total Debt

$21.2B

Three Year Compounded Annual Growth Rate Of Revenue

3.9%

Enterprise Value / Sales

3.78x

TEVNet Income

43.14x

Debt TEV

0.43x

Net Profit

$1.14B

Non-Profit Donations & Grants

$1,000 +

2019

Northern Illinois Food Bank

$250 +

2019

The Chicago Community Trust

$10K - $25K

2019

The Allendale Association

Political Donations

$1,500

2014

Dennis A. Ross

$1,000

2014

Jim Himes

$1,000

2013

Jeff Sessions

Investments

Details Hidden

Buzz Points, Inc.

Buzz Points, Inc. operates as a holding company. It provides online banking software for community banks and credit unions. Its service includes localized banking rewards program. The company was founded by Jay Valanju in September 25, 2009 and is headquartered in Austin, TX.

Details Hidden

Danal Inc

Danal, Inc. provides mobile payments solutions for e-commerce purchases. Its product BilltoMobile, is an alternate payment technology providing mobile subscribers with the ability to charge online purchases from approved merchants to their mobile phone bill. The company was founded by Paul Kim in 2006 and is headquartered in San Jose, CA.

Details Hidden

SecureKey Technologies, Inc.

SecureKey Technologies, Inc. provides identity and authentication solutions for organizations that deliver online consumer services. It enables the use of contactless cards or mobile phones as a factor to implement strong online authentication. The firm's customers include the banking and financial institutions, government, payments, and telecoms and utilities industries. The company was founded by Gregory Howard Wolfond and Pierre Antoine Roberge in 2008 and is headquartered in Toronto, Canada.

Investors

Details Hidden

Patrick Robert Carter

Life Peer at United Kingdom House of Lords

Suppliers

Bankrate, Inc. Management Consulting | New York, NY

We at Bankrate, Inc. have over three decades' experience in financial publishing. Bankrate was born in 1976 as "Bank Rate Monitor," a print publisher for the banking industry. The "Bank Rate Monitor" newsletter we originally distributed contained much of the same rate research and information we're known for and respected for today. After two decades of conducting quality, trusted rate research, we took our product to the Web, expanded our offerings and made our online debut in 1996. Since then, we have increased our site traffic to over 7 million monthly unique visitors, expanded our distribution outlets, added new content channels and continually strive to provide a better, more comprehensive consumer experience. Today, Bankrate, Inc. is the Web's leading aggregator of financial rate information, offering an unparalleled depth and breadth of rate data and financial content. Bankrate continually surveys approximately 4,800 financial institutions in all 50 states in order to provide clear, objective, and unbiased rates to consumers. Our flagship Web site, Bankrate.com, provides free rate information to consumers on more than 300 financial products, including mortgages, credit cards, new and used automobile loans, money market accounts, certificates of deposit, checking and ATM fees, home equity loans and online banking fees. In addition to rate data, we publish original and objective personal finance stories to help consumers make informed financial decisions. Our staff of award winning reporters and editors provides expert advice on just about every major financial decision facing our readers: from purchasing their first home, to selecting a new car, to saving for retirement. Hundreds of print publications depend on Bankrate as the trusted source for financial rates and information, including 8 of the top 10 newspapers in the country, including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times and The Boston Globe. And you will see our data frequently referenced on "CNN," "CNBC," "Fox Business News," "ABC News" and many other major broadcast news outlets.

Cardtronics Inc. Accounting & Financial Services | Houston, Texas

Cardtronics, Inc. engages in the provision of convenient automated consumer financial services through its network of automated teller machines and multi-function financial services kiosks. It operates through the following segments: North America; Europe and Africa; and Australia and New Zealand. The company was founded in 1993 and is headquartered in Houston, TX.

Cardtronics Plc Retail & Commercial Banking | Houston, TX

Cardtronics plc engages in the provision of automated consumer financial services through automated teller machines and multi-function financial services kiosks. It operates through the following geographical segments: North America, Europe & Africa, and Australia & New Zealand. The North America segment represents automated teller machine (ATM) operations in the Unites States, Puerto Rico, Canada, and Mexico. The Europe & Africa segment caters the United Kingdom, Ireland, Germany, Spain, and South Africa. The Australia & New Zealand segment includes ATM operations in Australia and New Zealand. The company was founded in 1993 and is headquartered in Houston, TX.

Competitors

JPMorgan Chase & Co. Retail & Commercial Banking - New York, NY

JPMorgan Chase & Co. is an American multinational banking and financial services holding company. It is the largest bank in the United States by assets, and as of 2012, it ranks as the second largest bank in the world by assets with total assets of $2.509 trillion. It is a major provider of financial services, and according to Forbes magazine is the world's second largest public company based on a composite ranking. The hedge fund unit of JPMorgan Chase is one of the largest hedge funds in the United States. It was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co

Bank of America Corp. Retail & Commercial Banking - Charlotte, NC

Bank of America Corp. is a bank and financial holding company, which engages in the provision of banking and nonbank financial services. It operates through the following segments: Consumer Banking, Global Wealth and Investment Management, Global Banking, Global Markets, and All Other. The Consumer Banking segment offers credit, banking, and investment products and services to consumers and small businesses. The Global Wealth and Investment Management provides client experience through a network of financial advisors focused on to meet their needs through a full set of investment management, brokerage, banking, and retirement products. The Global Banking segment deals with lending-related products and services, integrated working capital management and treasury solutions to clients, and underwriting and advisory services. The Global Markets segment includes sales and trading services, as well as research, to institutional clients across fixed-income, credit, currency, commodity, and equity businesses. The All Other segment consists of asset and liability management activities, equity investments, non-core mortgage loans and servicing activities, the net impact of periodic revisions to the mortgage servicing rights (MSR) valuation model for both core and non-core MSRs, other liquidating businesses, residual expense allocations and other.

Citigroup, Inc. Other Business & Consulting Services - New York, NY

Citi works tirelessly to provide consumers, corporations, governments and institutions with a broad range of financial services and products. They strive to create the best outcomes for their clients and customers with financial ingenuity that leads to solutions that are simple, creative and responsible.

Awards & Honors

Rank #283

2016

Fortune Magazine - Fortune 1000 Companies