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Discover Financial Services

Categories

Financial and Banking  

#611

Rank

$34.24B

Marketcap

US United States

Country

Discover Financial Services
Leadership team

Amir Arooni MBA (Executive Vice President, CIO)

Andy Eichfeld (Executive Vice President, Chief Human Resources and Administrative Officer)

Industries

Financial and Banking

Products/ Services
Payment systems, Credit cards, Finance, Consumer banking
Number of Employees
1,000 - 20,000
Headquarters
Riverwoods, Illinois, U.S.
Established
1985
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0001393612
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
DFS
Social Media
Overview
Location
Summary

Discover Financial Services is a direct banking and payment services company operating the Discover card and America’s first cash rewards credit card. It is one of the largest card issuers in the United States. 

Beyond its flagship credit business, it also offers personal and student loans, home and home equity loans, online savings products, certificates of deposit, and money market accounts. Its payment businesses consist of Discover Financial Services’ 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 in more than 185 countries and territories. Discover Financial Services was founded in 1985 and is based in Deerfield, I.L.

History

1985: Discover was launched with no annual fee and offered a higher-than-normal credit limit. Sears also acquired the Greenwood Trust Company.

1986: Discover Financial Services was founded in 1986 and is headquartered in Riverwoods, IL. The Discover card was launched by Sears and Roebuck which was, at that time, the biggest retailer in the United States.

1993: Sears sold its financial businesses, and began to accept MasterCard and Visa in addition to its store credit card and the Discover Card.

1995: Discover Card Services, Inc. changed its name to NOVUS Services, Inc. to distinguish its network functions from the Discover Card.

1997: This company merged with investment banking house Morgan Stanley to become Morgan Stanley Dean Witter, Discover & Co.

2000: Greenwood Trust changed its name to Discover Bank.

2004: The Supreme Court ruled in Discover’s favour and against these exclusionary policies by Visa and Mastercard, and Discover filed suit seeking damages against the two companies.

2005: In April, Morgan Stanley announced that it would divest Discover Financial Services as an independent company within six months.

2008: Discover Financial Services took over the Diners Club network, purchasing it from Citigroup for 165 million dollars.

Mission

“To offer this level of comprehensive educational assistance, because it truly reflects our commitment to employee advancement and our corporate mission, to help people spend smarter, manage debt better and save more so they achieve a brighter financial future.”

Vision

“To be the leading direct bank and payments partner.”

Key Team

Gregory C. Case (Board Member)

Brian Hughes (Executive Vice President, Chief Risk Officer)

Jeffrey S. Aronin (Board Member)

Candace H. Duncan (Board Member)

Jennifer L. Wong (Board Member)

Carlos Minetti (EVP, President - Consumer Banking)

Joseph F. Eazor (Board Member)

Carrie Smith (Sr Principal Deposits Chief of Staff)

Lawrence A. Weinbach (Board Member)

Cynthia A. Glassman (Board Member)

Mary K. Bush (Board Member)

Daniel Peter Capozzi (Executive Vice President, President)

Mark A. Thierer (Board Member)

David Nelms (Executive Chairman)

Roger C. Hochschild (President/CEO)

Candace H. Duncan (Board Member)

Cynthia A. Glassman (Board Member)

Recognition and Awards
Fortune 500
References
Discover Financial Services
Leadership team

Amir Arooni MBA (Executive Vice President, CIO)

Andy Eichfeld (Executive Vice President, Chief Human Resources and Administrative Officer)

Industries

Financial and Banking

Products/ Services
Payment systems, Credit cards, Finance, Consumer banking
Number of Employees
1,000 - 20,000
Headquarters
Riverwoods, Illinois, U.S.
Established
1985
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0001393612
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
DFS
Social Media