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Capital One CEO says Discover 'unique,' not planning to buy 'lots of banks'
Capital One CEO Richard Fairbank said while presenting at the Morgan Stanley US Financials Conference: "You know it's interesting and it's ironic to say what I'm going to say when we're celebrating closing the biggest bank deal since the global financial crisis, but Capital One is really not on a quest to go out and buy lots of banks. The way most banks grow is to buy other banks. We had a period in our life where we bought banks because we wanted to the balance sheet of Capital One away from capital markets funding to FDIC insured deposits, but that was, that phase is over. And the Discover acquisition really is a unique opportunity for us to continue in what I would much more describe as an organic growth path."
Coinbase to replace Discover in S&P 500 at open on 5/19
Capital One Financial (COF) is acquiring Discover Financial Services (DFS) in a deal expected to be completed soon, pending final closing conditions.
Coinbase to replace Discover in S&P 500 at open on 5/19
Capital One Financial (COF) is acquiring Discover Financial Services (DFS) in a deal expected to be completed soon, pending final closing conditions.
Discover reports Q1 total loans down 7% y/y at $117.4B
Reports Q1 net charge-offs 4.99% vs. 4.92% y/y
Discover reports Q1 EPS $4.25, consensus $3.30
Reports Q1 revenue $4.25B, consensus $4.21B. "Discover's solid first quarter financial performance benefited from a strong net interest margin and positive credit trends," said Michael Shepherd, Discover's Interim CEO and President. "These results reflect our good execution and the strength of our business model. We are pleased that Capital One has received all required approvals and look forward to completing our merger."
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