Capital One-Discover Deal Faces New York Antitrust Probe (2)

Capital One Financial Corp.’s proposed $35 billion acquisition of Discover Financial Services is being investigated by New York Attorney General Letitia James, who said the deal would have “significant impact” on consumers in the state.

James on Wednesday asked a state court for permission to issue subpoenas to Capital One as part of an ongoing antitrust probe by the state, which hasn’t been previously reported. She said New York would be particularly impacted by the deal because Capital One and Discover have more than $16 billion in combined credit card loans in the state.

“Together, they would be ...