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Non-interest income increased $99 million, or 22%, from the prior year period, mainly driven by higher discount/interchange revenue and loan fee income partially offset by higher rewards cost driven by elevated sales volumes. 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. Amidst evolving macroeconomic conditions, credit performance remains particularly strong, as delinquencies are stable and losses are rising modestly, reflecting slower than expected credit normalization. By providing your email address below, you are providing consent to Discover Financial Services to send you the requested Investor Email Alert updates. 224-405-5923 Discover, Corporate 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. Media Contact Investor Contact: Jon Drummond Credit Card, NHL He has also served as a member of the Nielsen Holdings Board since 2017. The entire Discover community joins me in extending its deepest sympathies to Larrys family as the company mourns the untimely passing of our colleague, leader and friend, said Roger Hochschild, CEO and president of Discover. Eric Wasserstrom, 224-405-4555 Rawlinson has significant experience in global e-commerce, consumer trends, consumer data, and digital business-to-business operations. Discover Financial Services published this content on 27 April 2022 and is solely responsible for the information contained therein. For more information, visit www.discover.com/company. a Friend, About Discover Financial Services (NYSE: DFS): Second Quarter 2022 Results 2022 2021 YOY Change Total loans, end of period (in billions) $99.3 $87.7 13% T . In order to enjoy the full experience of the Discover website, please turn JavaScript on. He spearheaded Simplify and Grow, a strategic initiative focused on improving the customer experience, creating more effective processes and driving revenue growth. Credit Card, Business Loans, Cash Eric Wasserstrom 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. Since its inception in 1986, the company has become one of the largest card issuers in the United States. 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. RIVERWOODS, Ill.-- ( BUSINESS WIRE )--Discover Financial Services announced today that David L. Rawlinson II, chief executive officer of NielsenIQ, has joined the company's Board of Directors . The Company does not undertake to update or revise forward-looking statements as more information becomes available. 10 members +7. The Carnegie Hall Corp., Discover Financial Services, Chief Human Resources & Administrative Officer, Total Insider Purchases and Sales Reported to the SEC, Vanguard Institutional Total Stock Market Index Trust, Vanguard US Total Market Shares Index ETF, American Funds Capital World Growth & Income Fund, Capital Research & Management Co. (World Investors), Capital Research & Management Co. (International Investors), Macquarie Investment Management Business Trust. 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. Our directors have a combined wealth of leadership experience derived from extensive service guiding large, complex organizations as executive leaders or board members, and in government and academia. Chicago . Discover Financial Services (NYSE: DFS) is a direct banking . Loans, Student 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. 224-405-6304 Data are provided 'as is' for informational purposes only and are not intended for trading purposes. 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. Prior to joining Discover, John served as executive vice president, chief financial officer and treasurer at Bioverativ, a global biopharmaceutical company. Ms. Bush is a member of the board of directors of ManTech International Corporation, T. Rowe Price Group, Inc., and Bloom Energy. As a member of Discover Global Network, we have the capabilities to suit your needs. His experience and knowledge of the business will be invaluable to us in his new capacity as chairman, said Hochschild, who also is a board member. Discover Financial Services, Inc. is an American financial services company, which issues the Discover Card and operates the Discover and Pulse networks, and owns Diners Club International. Marketing increased primarily due to investments in Card acquisition and Consumer Banking. Jon Drummond Equity Loans, Personal You must click the activation link in order to complete your subscription. Morgan Stanley Adjusts Price Target on Discover Financial Services to $112 From $115, K.. Eric Wasserstrom Personal loans increased $280 million, or 4%, and private student loans increased $210 million, or 2%, year-over-year. The company was founded in 1960 and is headquartered in Riverwoods, IL. Previously, Mr. Rawlinson was the Chief Executive Officer of NielsenIQ (formerly Nielsen Global Connect), a global data and measurement company, from February 2020 to March 2021. Board of Directors. Discover, Unrealized Gains/(Losses) on Equity Investments, Realized Gains/(Losses) on Equity Investments, Net Income/(Loss) Allocated to Common Stockholders, Total Liabilities and Stockholders' Equity, Note: See Glossary for definitions of financial terms in the financial supplement which is available online at the SEC's website (. Delayed Nyse 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. 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. Credit Card, Student Scorecard, Cash Andy holds a bachelors degree in government from Oberlin College, as well as a master's degree in Middle Eastern studies and an MBA in marketing, both from the University of Chicago. He began his career in information systems with McDonnell-Douglas. 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. Flayosc is a pretty medieval village that is less touristic than many of the villages in this region. @Discover_News, Investor Relations Jon Drummond Discover Financial Services announced today that John Owen, former chief operating officer of Regions Financial, has joined the companys Board of Directors. He served on the board of MonotaRO Co. Ltd., a top Japanese e-commerce and industrial retail firm, from 2014 to 2019. Mr. Eazor also served on the board of Commvault, a data protection and information management company, from 2015 to 2018. International stock quotes are delayed as per exchange requirements. Robert Weiss, 224-405-6304 Ms. Wong is a member of the board of directors of Group Nine Acquisition Corp. Copyright 2023 Surperformance. 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. 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. I am confident that he will help Discover continue to succeed as a leading digital bank and payments company and look forward to Johns contributions as a member of our already strong Board.. The Board of Directors of Discover Financial Services declared a semi-annual cash dividend on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series D, in the amount of $3,062.50 per share. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Personal loans net charge-off rate of 1.21% was down 59 basis points from the prior year and up 9 basis points from the prior quarter. Prior to that, Owen was senior vice president of Global Systems Development for Citicorp Credit Services, chief information officer of North American operations for Arrow Electronics and senior vice president of technology for American Airlines. He served as independent chairman since January 2019. Discover Financial Services Reports Second Quarter 2022 Net Income of $1.1 Billion or $3.96 Per Diluted Share, SEGMENT- INCOME/(LOSS) BEFORE INCOME TAXES, http://investorrelations.discoverfinancial.com, Contact Currently, he is the chairman of several of Paragons portfolio companies, including Harmony Biosciences Holdings, Inc. From 2010 to 2017, Mr. Aronin was also chairman and chief executive officer of Marathon Pharmaceuticals, a research-based prescription biopharmaceutical company. Weinbach most recently was chairman of Great Western Products Holdings, LLC, a manufacturer and master distributor of food and nonfood concession products, since 2009 and a managing director of Yankee Hill Capital Management, LLC, a private equity firm, since 2006. The company will host a conference call to discuss its second quarter results on Thursday, July 21, 2022, at 7:00 a.m. Central Time. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. His background in information solutions and global perspective will help Discover continue to succeed as a leading digital consumer bank.. Prior to that, he was the executive chairman of Unisys Corporation, a worldwide information services and technology company, from 2005 to 2006, and its chairman and chief executive officer from 1997 to 2004. Earlier in her career, Ms. Wong held several executive management roles at AOL and worked with a range of digital media and technology clients at McKinsey & Company. Discover, Corporate Mr. Hochschild was president and chief operating officer of Discover from 2004 to 2018. Loans, Cash Payment Services pretax income of $20 million was down $672 million year-over-year. Toms replacement of Larry under these unfortunate circumstances will provide continuity for Discover. See terms and conditions for details. Since its inception in 1986, the company has become one of the largest card issuers in the United States. jondrummond@discover.com. In 2007, she served on the U.S. Department of the Treasury's Advisory Commission on the Auditing Profession. Discover Financial Services Declares Quarterly Dividend for Common Stock, Contact The student loan net charge-off rate was 1.08%, up 55 basis points from the prior year and up 39 basis points from the prior quarter. . Payment Services volume was $82.9 billion, up 6% year-over-year. If JavaScript is disabled, some of the functionality on our website Responsibility, Diversity & The company is suspending until further notice its existing share repurchase program because of an internal investigation relating to its student loan servicing practices and related compliance matters. View source version on businesswire.com: https://www.businesswire.com/news/home/20220607006303/en/, Media Contact Larry was an exceptional leader who will be greatly missed, Maheras said. John holds a bachelors degree in accounting from the State University of New York and a masters degree in Business Administration from the Kellogg School of Management at Northwestern University. 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. Back Rewards, Refer Discover. 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. Mike has a bachelor of science degree in accounting from St. Johns University and completed the Tuck Executive Program at Dartmouth College. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This press release contains forward-looking statements. investorrelations@discover.com, Media: From October 2017 through February 2018, Mr. Thierer also served as the interim chief executive officer of Dentsply Sirona Inc., a manufacturer of dental implants. Inclusion, Accept 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. During the second quarter of 2022, the company repurchased approximately 5.8 million shares of common stock for $601 million. Mr. Hochschild is also on the board of directors of Principal Financial Group. Equity Loans, Personal This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Board of Directors declared a quarterly . Discover Financial Services (NYSE: DFS) announced today that its Board of Directors has approved a new $1.1 billion share repurchase program, having suspended share repurchases since March 2020 in response to the economic recession. Credit Card, Cardmember Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. He began his career in information systems with McDonnell-Douglas. The investor alerts you are providing consent to Discover Financial Services to send the. For trading purposes card issuers in the field below and select at least one alert option replacement Larry. Accounting from St. Johns University and completed the Tuck executive Program at College. Statements as more information becomes available volume was $ 82.9 billion, up 6 % year-over-year has! $ 672 million year-over-year full experience of the villages in this region from 2014 to 2019 under unfortunate... 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