Discover Financial

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Discover late payments, defaults fall in March

Discover Card customers improved their payment habits in March, as late payments and defaults both fell to their lowest rate in more than two years. Get the full story »

Discover Financial names new CFO

Discover Financial Services in suburban Riverwoods today named R. Mark Graf as its chief financial officer. The credit card company said Graf, 46, will oversee Discover’s financial operations, including treasury, accounting, investor relations and all financial reporting functions. Get the full story »

Discover returns to profit, raises dividend

(Daniel Acker/Bloomberg)

Discover Financial Services reported a $465 million quarterly profit on Tuesday and raised its quarterly dividend by 4 cents per share, as losses on bad loans fell.

The credit card lender and processing network earned 84 cents per share in its fiscal first quarter, ended February 28. That compared with a year-ago loss of $104 million, or 22 cents per share. Get the full story »

Melissa Bean to be CEO of Executives’ Club

Melissa Bean. (Nancy Stone/Chicago Tribune)

By Becky Yerak and Melissa Harris | Melissa Bean, the Barrington Democrat recently ousted from her U.S. House seat after three terms, has been hired as the new chief executive of the Executives’ Club of Chicago.

Before entering the world of politics, Bean worked in sales and management for high-tech companies, including a Motorola unit, Nortel and Arrow Electronics. She later started her own consulting firm to the tech industry, advising clients that included Anixter, Intel and Microsoft. She was elected to Congress in 2004.

Bean replaces Kaarina Koskenalusta, who resigned from the business forum last October after 25 years at the helm. Get the full story »

Discover CEO’s pay almost doubles in 2010

Discover Financial Services Co. said Chairman and Chief Executive David Nelms received compensation valued at about $8.5 million in fiscal 2010, almost double from the prior year.

The credit card issuer said in a regulatory filing Friday that Nelms’ base salary increased to $4.55 million from $1 million the previous year. His salary was made up of $1 million in cash and $3.55 million in stock. Get the full story »

Discover card defaults, late payments drop in Jan.

Discover Card customers started off the year doing better at paying their bill.

Discover Financial Services said in a regulatory filing Tuesday that it wrote off $90.3 million, or 5.75 percent of balances at an annualized rate, as uncollectible in January. That was down from $95.2 million, or 5.94 percent annualized, in December. Get the full story »

Discover signs deal with Puerto Rican bank

Riverwoods-based Discover Financial Services said Monday it has reached a deal with Puerto Rico’s largest commercial bank to expand acceptance of the company’s Discover card in that territory. Get the full story »

Discover executives sell $4 million in stock

Two Discover Financial Services executives ended 2010 by selling nearly $4 million in stock of the Riverwoods-based credit card company.

On Dec. 20, President Roger Hochschild sold 100,000 shares for an average price of $18.26. On Dec. 27, Chief Financial Officer Roy Guthrie sold 115,000 shares for an average price of $18.50, according to Securities and Exchange Commission records. Get the full story »

Discover earns $350M as credit improves

Discover Financial Services reported a quarterly profit of $350 million on Thursday as consumers spent more on their credit cards and the company expanded its non-lending lines of business. The credit card lender and transaction-processing network said it earned 64 cents per share in its fiscal fourth quarter ended Nov. 30. Get the full story »

Credit-card delinquencies fall in November

Credit-card delinquency rates fell at major U.S. lenders in November as fewer consumers fell behind on their bill payments, signaling that they are recovering from the stress of the financial crisis.

But consumers are also avoiding racking up more debt on their credit cards, even during the holiday shopping season, in a sign that lenders will be struggling to rebuild their businesses for some time. Get the full story »

Discover call-options trading surges before earnings

From Bloomberg News | Riverwoods-based Discover Financial’s call options trading jumped to triple the four-week average, amid wagers that Discover’s stock will rally after its Dec. 16 earnings report.

Minnesota AG sues Discover over ‘protection’ fees

Minnesota Attorney General Lori Swanson is suing Discover over allegations that the credit card company charged customers for unauthorized account protection programs such as credit score tracking and identity theft protection.

Swanson filed a lawsuit Monday in Hennepin County District Court against Discover Bank, DFS Services and Riverwoods-based parent company Discover Financial Services. Discover is one of the nation’s largest credit card companies. Get the full story »

Discover issues mobile device stickers

Swiping your plastic is becoming a thing of the past.

Riverwoods-based credit card company Discover said it began issuing Discover Zip contactless credit cards and stickers on Nov. 15.

The way it works, consumers touch a payment device, which is in the form of either a plastic card or a sticker that can be applied to a mobile phone or any personal item, to a Zip-enabled contactless reader to make a payment. Currently, more than 100,000 U.S. locations, including restaurants, gas stations and convenience stores, offer contactless readers that accept Zip transactions at cash registers. Get the full story »

Discover, carriers partner on mobile payments

Riverwoods-based Discover Financial Services is working with a new joint venture, created by three national wireless carriers, to develop a national network for payments via mobile phones.

AT&T Mobility, T-Mobile USA and Verizon Wireless announced the joint venture, called Isis, on Tuesday. The group named Michael Abbott, a former executive at GE Capital, as its CEO. Get the full story »

Discover late payments at lowest level of 2010

Write-offs of uncollected Discover Card balances and late payments both fell in October to their lowest levels of the year. Get the full story »