Capital One is planning to buy Discover Financial Services that would bring the two large credit card issuers and lenders together, according to a report by the Wall Street Journal.
Capital One, a Warren Buffett-backed consumer bank and credit card issuer, will acquire the credit card lender Discover Financial Services, according to a report by The Wall Street Journal that cited people familiar with the matter. Capital One has been working with advisers to "study a deal" to buy Discover, and a deal could be announced as soon as Tuesday, per the Journal's report. Bloomberg reported earlier Monday that Capital One was considering making an offer for Discover.
Capital One, which is a major credit card issuer and is also the ninth-largest bank in the U.S., primarily uses Visa and Mastercard but plans to offer some of its cards through the Discover network, according to the Journal's report, which added that the Discover brand will be maintained on its cards and network.
The news comes after Discover Financial appointed Michael Rhodes as the company's new CEO after the exit of Roger Hochschild in August. Rhodes previously worked for TD Bank Group. In late 2023, Discover said it was exploring the potential sale of its student loan business and said it would stop new student loan applications in February. Last July, Discover disclosed a regulatory review over some incorrectly classified credit card accounts from mid-2007.
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