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Discover Becomes Stand Alone Company Morgan Stanley made a definitive move by making a stand along company out of their subsidiary Discover Financial Services. The change is expected to occur in the third quarter of 2007. Once Discover becomes an independent company they will have their own board of directors and make their own business decisions. However, analysts speculate that another company such as General Electric or Citigroup will buy up to the new company. The speculation is based on the tracking of credit card and payment industries. A new stand alone company such as Discover would be an easy target for large credit card companies and for banks who are looking to expand their presence in the credit card industry. Currently Discover has close to fifty million credit card holders and hit record achievements in 2006. Their net revenue was over four billion which was a 24 percent increase from their revenue in 2005. Before taxes their income of over one billion was up 72 percent. To prepare for the switch Discover has started to sign agreements with small and midsized merchants to boost acceptance and has started a new Discover debit card program while increasing their presence internationally. The financial results of Discover were benefited by the improvements in credit quality with fewer bankruptcies being filed. |
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