Discover Financial

Discover Financial
Discover Financial Services
Type Public
Traded as NYSEDFS
S&P 500 Component
Industry Financial services
Founded 1985 as a subsidiary of Sears
Headquarters Riverwoods, Illinois, U.S.
Key people David Nelms
(Chairman and CEO)
Products Payment systems
Revenue decrease US$3.452 billion (2010)[1]
Operating income decrease US$1.269 billion (2010)[1]
Net income decrease US$764.788 million (2010)[1]
Total assets increase US$60.785 billion (2010)[1]
Total equity decrease US$6.457 billion (2010)[1]
Employees 10,300 (2010)[1]
Website Discover.com

Discover Financial Services is an American financial services company, which issues the Discover Card and operates the Discover and Pulse networks. Discover Card is the third largest credit card brand in the United States, when measured by cards in force, with nearly 50 million cardholders.

Contents

History

The Discover Card was originally introduced by Sears in 1985, and was a unit of Dean Witter, which merged with Morgan Stanley in 1997. In 2007, the unit was spun off as an independent, publicly traded company. Today, Discover is headquartered in the Chicago suburb of Riverwoods, Illinois.

Discover acquires Diners Club

In April 2008, Discover Financial Services and Citigroup announced that Discover was purchasing the Diners Club network from Citi for $165 million. In May 2008, the Federal Trade Commission approved the transaction. The deal was completed on July 1, 2008.[2] Discover stated that the Diners Club network, which is a major network outside North America, will be merged with the Discover Network, a major network in North America, creating an international network for Discover Network cards and Diners Club cards. Diners Club cards will continue to be issued by Diners Club International licensees, including Citibank. Discover Bank has no plans on issuing Diners Club branded cards itself.

Competitors

In the United States, Discover, as a card brand, competes primarily with Visa, MasterCard, and American Express. Unlike Visa and MasterCard, Discover directly issues its cards, through its Discover Bank unit. Discover is the fourth largest credit card issuer, when measured by card balances, behind Bank of America, JPMorgan Chase, and Citi, and ahead of Capital One and American Express.

Business

In addition to its card products, Discover also markets savings products, home loans, and student loans. The company also began offering a Discover Debit card product directly to banks in 2006, through its Pulse interbank network, which Discover acquired in 2004.

References

External links

Portal icon Chicago portal
Portal icon Companies portal

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