Fed announced that it is acquiring Discover Financial Services Capital"s US online banking business, $ 16bn of online savings accounts and other deposits. The bank began transforming itself after the financial crisis pushed it to become a deposit taker, bank holding company, regulated by the Discover Financial Services . several years it hired the ex head of Discover Financial Services US cards division to start an online lending platform for consumers and small businesses. The additional $16 billion in savings accounts and certificates of deposit give it a ”diversified and stable funding source,” the company wrote in a memo to employees Thursday. In a memo to employees it explained that this latest move gives it a more "diversified and stable funding source". Terms of the deal were not disclosed.
Fed announced that it is acquiring Discover Financial Services Capital"s US online banking business, $ 16bn of online savings accounts and other deposits. The bank began transforming itself after the financial crisis pushed it to become a deposit taker, bank holding company, regulated by the Discover Financial Services . several years it hired the ex head of Discover Financial Services US cards division to start an online lending platform for consumers and small businesses. In a memo to employees it explained that this latest move gives it a more "diversified and stable funding source". Terms of the deal were not disclosed.