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7 months ago
Mon Feb 19, 2024 8:50 pm
Dinosaur
Seasoned RebelDinosaur
Last edited by Dinosaur on Tue Feb 20, 2024 12:04 pm, edited 1 time in total.
Did not see this one coming!
Discover Bank has been challenged and changed leadership last fall 2023. Today Capital One stated they would buy Discover Bank in an all-stock purchase at a premium.
Question was asked why? It seems both Discover and Capital One have seen a challenging last period of time and needed to improve their financial performance. Discover took some very big hits financially in 2023. Also, Capital One would control a processing network that could be used to challenge Visa and Master Card.
Contacted Discover Bank for the process to liquidate my holdings and transfer to a different financial.
Capital One looks to close on the purchase by the end of 2024 or early 2025 depending on the views of the financial regulators.
News is everywhere today such as the New York Times, Wall Street Journal, Doctor of Credit , MF and I called Discover.
Sad day!
An Add ... Discover has added a heading banner to their first landing page announcing the merger of Discover into Capital One. Also, they said there would be no immediate changes to Discover products and to keep using them as is. Note, when I called in, they informed me of long wait times. Yeah ... I wonder why?
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