Discover Financial Services

Discover Financial Services and Bank First in Wisconsin, two of the many companies that went all-remote with their annual meetings this year, gave the process high marks. But the longer-term prospects industrywide are unclear.

The CEOs of the credit card lenders Discover and Synchrony are urging Congress to come through with another round of government stimulus so that struggling households can continue paying their bills.

The CEOs of the credit card lenders Discover and Synchrony are urging Congress to come through with another round of government stimulus so that struggling households can continue paying their bills.

Digital technology and the coronavirus recovery will dramatically alter payments in the year ahead, but the scale and benefits of networks will survive, Eric Grover of Intrepid Ventures contends.

More than 80% of the card company’s customers who opted to skip payments ended up making them a month later, Chief Executive Officer Roger Hochschild told investors at a virtual conference Tuesday.

Since March, issuers have tightened their criteria for opening new accounts and closed millions of existing ones in hopes of avoiding waves of defaults.

Discover Financial Services said Thomas Maheras will serve as its chairman after the death of Lawrence Weinbach.

Many banks are slashing their spending. Others are changing their messaging strategies. And those banks that partner with pro sports teams are stuck in limbo, since it remains unclear when games will resume.

The ratings firm also took negative action with respect to Ally, Synchrony, Discover, Sallie Mae and Navient, citing the impact that the coronavirus crisis is having on their revenues and profits.

Discover and Sallie Mae are the latest to report a surge in forbearance requests as households struggle with job loss and other hardships resulting from the coronavirus pandemic.