FEBRUARY 26, 2024 — 108 EMPLOYEES IN CHICAGO, ILLINOIS AREA
Discover Financial Services, has announced that it will lay off 108 employees starting March 18, 2024. But the move is unrelated to Capital One’s $35 billion acquisition of the credit card issuer.
According to a company spokesperson, the job cuts are not part of a broader staff reduction but rather targeted at several teams that are being eliminated. Discover had earlier announced the sale of its student loan business to focus on core banking products.
FEBRUARY 20, 2024 — CAPITAL ONE TO ACQUIRE DISCOVER: EMPLOYEE BLOODBATH AHEAD
Should Capital One meet regulatory requirements to acquire Discover Financial Services for approximately $35 billion, look for massive layoffs as redundancies are discovered in operational areas.
The key synergy driving the deal is for Capital One to process card transactions on a payment network that isn’t controlled by Visa or Mastercard, resulting in cost savings and a new revenue stream.
FEBRUARY 1, 2024 — Original post…
Riverwoods, Illinois-based Discover Financial Services, a financial services company that owns and operates Discover Bank, DiscoverCard, and offers various financial products to consumers, has announced that it will attempt to sell its student loan business to focus on its core banking products and implement cost-saving initiatives including a reduction in its workforce.
The reduction in force will impact 108 employees, commencing on March 18, 2024.
Discover has noted that the layoffs were not part of any broader staff reduction plan and were targeted at its enterprise capabilities and enablement team that is being eliminated. It said it encouraged members of the team to seek new jobs at Discover.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?