Discover Financial Services

Lawrence Weinbach will replace David Nelms, who had already stepped down as CEO. The transition will take place Jan. 1.

Personal loans are "tricky to underwrite" because consumer credit scores are high at the time of origination and then drift downward, says Roger Hochschild, who recently took over as the head of Discover Financial Services.

Double-digit gains in card volume offset an uptick in problem loans.

Offereins led to Discover's payments business to another year of strong growth while setting in motion a bold plan to disrupt the point-of-sale experience.

Four lenders, led by Sallie Mae, have long dominated the market for private student loans. But they could soon face new competition from Navient and Nelnet.

Digital banks dispute the notion that they can skimp on customer service because millennials are only shopping for low fees and high savings rates.

A smaller tax bill and a double-digit growth in card loans offset weakening credit quality at the Riverwoods, Ill., company.

The credit card lender reported a decline in pretax earnings, but a sharply reduced tax bill led to a 17% profit gain.

David Nelms said that many digital lenders do not understand how to underwrite personal loans properly, and he took a dig at their lack of profitability. The upstarts say their industry's ability to attract capital speaks for itself.

The credit card lender said late payments increased during the quarter but that it expects them to level off in 2018.