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.
Why Capital One plans to buy Discover in a megamerger of credit giants marketwatch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketwatch.com Daily Mail and Mail on Sunday newspapers.
American banks increased reserves to prepare for potential defaults on credit card debt, student loans, and other personal loans to prepare in case of a recession.
Capital One Financial eliminated hundreds of technology positions this week, the result of the credit card giant spending years investing in systems meant to improve its efficiency.