Full-Time
Posted on 9/3/2025
Credit, banking, and loan services
$88k - $122.8k/yr
Wheeling, IL, USA
In Person
5% Domestic (US) travel is required.
Discover Financial Services offers consumer credit products, focusing on the Discover card, which enables purchases on a line of credit that cardholders repay over time. Card and loan products work by issuing credit lines to customers who use the cards or loans and make monthly payments; revenue comes from interest, fees, and transaction interchange. It differentiates itself with a long history of consumer-friendly features (such as no annual fee cards) and a steady evolution of its product lineup, plus the experience of operating within larger financial groups before becoming a public company. The goal is to provide accessible, straightforward credit and loan options to consumers while expanding its financial services portfolio and maintaining customer trust.
Company Size
10,001+
Company Stage
IPO
Headquarters
Riverwoods, Illinois
Founded
1985
Help us improve and share your feedback! Did you find this helpful?
Paid Parental Leave
Paid Time Off
401(k) Plan
Medical, Dental, Vision, & Health Savings Account
Short and Long Term Disability, Life, and Accidental Death & Dismemberment insurances
Recognition Program
Education Assistance
Commuter Benefits
Family Support Programs
Employee Stock Purchase Plan
Capital One Financial is cutting 124 application engineer positions at Discover Financial Services by 4 May, according to plans shared with Illinois officials. The redundancies follow Capital One's completion of its $35 billion acquisition of Discover last May. Application engineers, who function as software developers across financial systems, legacy programming and cloud computing, represent the largest portion of job cuts. The bank will also eliminate 54 senior associate application engineers and 38 principal application engineers by the same date. Capital One declined to explain the rationale behind targeting these specific roles but encouraged affected employees to apply for available positions. The cuts come amid broader industry adoption of artificial intelligence for software development, with Capital One having previously stated that AI integration is "a necessity for staying competitive.
Capital One Financial is cutting more than 1,100 jobs at Discover's Chicago-area headquarters, with 1,075 employees to be let go in May and another 81 on 1 June. The cuts are part of Capital One's ongoing integration of Discover following its acquisition. The layoffs bring the total number of scheduled job cuts the company has notified Illinois of to 1,748, occurring between October 2025 and this October. Capital One is providing affected employees with at least 60 days' notice, enhanced severance, benefits and outplacement resources. The cuts come amid broader job reductions across the banking sector. Morgan Stanley is eliminating about 2,500 workers, whilst Bank of America, Citi and Wells Fargo have all projected lower headcounts this year.
Capital One reported Q4 2025 revenue of $15.62 billion, up 53.3% year-on-year and beating analyst estimates of $15.49 billion. However, non-GAAP earnings per share of $3.86 missed expectations by 6.8%. The revenue growth was driven by the integration of Discover, which boosted purchase volumes and loan balances. CEO Richard Fairbank highlighted strong new account originations from marketing efforts but noted increased operating costs tied to integration and premium customer investments. Despite revenue strength, profit fell short due to higher expenses and increased provision for credit losses. The company's operating margin improved to 16.8% from 14.5% year-on-year. Management expects continued investment in technology infrastructure and AI, alongside integrating Discover and the newly announced Brex acquisition. The company anticipates near-term pressure on its efficiency ratio but believes these investments will drive future growth.
Under the terms of the agreement, Discover shareholders will receive 1.0192 Capital One shares for each Discover share, representing a premium of 26.6% based on Discover's closing price of $110.49 on February 16, 2024 . Transaction is 100% stock consideration.
PayPal has rolled out new enhancements to its Giving platform as a way to boost crowdfunding and charity donations, a press release says.