Riverwoods, IL (STL.News) Discover Financial Services (NYSE: DFS) today reported a net loss of $61 million or ($0.25) per diluted share for the first quarter of 2020, as compared to net income of $726 million or $2.15 per diluted share for the first quarter of 2019.
“While our results this quarter were heavily impacted by the emerging effects of the coronavirus, I could not be prouder of the team here at Discover and the work they did protecting employees and serving our customers in these challenging times,” said Roger Hochschild, CEO and President of Discover. “We have taken decisive actions including suspending our share repurchase program, launching payment programs to support our customers, and implementing $400 million of expense reductions. I believe our digital business model, strong capital position, and robust funding channels will allow us to operate effectively during the downturn and position us well for the recovery.”
Actions taken in response to COVID-19:
- Enabled nearly 100% of employees to work from home
- Enhanced employee support programs
- Funded incremental community support
- Established “Skip-a-Payment” programs for impacted customers
- Implemented actions to mitigate impact of pandemic on future credit performance
- Identified $400 million of planned expense reductions
- Suspended share repurchase program
NOTE: this is NOT the complete release.