Capitol one acquiring Discover
Capital One announced on Monday that it would acquire Discover Financial Services in an all-stock transaction valued at $35.3 billion, a deal that would merge two of the largest credit card companies in the United States. Does this raise a concern of discover firing?
Thats is an insane move...
Why do think it is an insane move? Asking for knowledge purposes.
For the credit card industry. You work there and you don't know?
Absolutely going to be layoffs on both sides where there are redundancies - with Discover taking a bigger hit, but it’s going to take years for this to all play out.
Once approved, say the end of 2024, the mass layoff in Discover side will happen sooner than you expect, between 6-8 months, and then it will cool down to small batches here and there. It won’t take years to see Discover layoff 50%+ of its employees. The teams in Deerfield and New Albany should be scared. There are many people with years of seniority, it will be a hard decision as staying till layoff and collecting severance or landing somewhere else before that
Why wouldn’t expensive Cap 1 Bay Area employees be the first on the chopping block?
All this won’t happen this year I guess.Discover hopefully will be safe until dec 2024
Sure shot way to ruin a good company. Wonder who made the decision?
Where or what platform does C1 hosts their Banking products currently ? Any idea ?
TSYS
Wow , I thought TSYS was only into Issuing and Acquiring platforms but surprised they do have Banking applications support which I wasn’t aware of for Deposits , ACH , Loan Products etc
Didn’t Capital One laid off hundred of employees last year from their agile delivery teams? Would they do same when merge? Let go all agile coaches, Scrum master etc.?
Discover laid off their agile coach teams a few month ago.
Yes, we eliminated the entire agile job family. We will certainly get rid of similar bloat from Discover
Regulators will be all up on this
Yeah but can they stop it though. And I believe it will work as a separate entity under capital parents, not sure if they will merge them both.