Capital One-Discover Takeover Shakes Up US Payments: QuickTake

Capital One Financial Corp. has bought Discover Financial Services, bringing together two of the biggest credit card firms so they can better compete with other Wall Street behemoths. The takeover was valued at $35 billion when it was announced in February 2024. Here’s all you need to know about the acquisition and what it means for consumers:

Why did Capital One buy Discover?

The combination allows Capital One, the US lender backed by Warren Buffett, to surpass rivals JPMorgan Chase & Co. and Citigroup Inc. to become the largest US credit-card issuer by loan volume. It also gives ...