Capital One agrees to buy Discover Financial in a $35 billion all-stock deal that will combine two of the nation’s largest credit-card companies to create a.
The just-announced $35 billion deal is seen as a way to build scale, with Discover’s payments network currently the smallest of the four U.S.-based ones.
Under President Joe Biden, banking and antitrust regulators have been laser focused on anything that would dampen competition in the payments industry.