Discover Financial Services at Credit Suisse Financial Services Forum Transcript
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Good morning, everyone. Thanks for joining us. We are very pleased to have with us the management of Discover. Discover is a company that's been able to leverage its own brand into industry-leading growth in both accounts and balances. Over the years, the company has built on its core cashback proposition but focuses on revolving borrowers rather than transactors. The company's history, spanning now more than a quarter of a century, has also been characterized, I would say, by better-than-industry credit quality and the company has been expanding its proprietary network, one of not that many of those, right? And so we believe that the company has been able to add accounts at lower cost than others in the industry. That's an area of intense focus right now, both the ability to grow and the cost of that growth.
And we think that Discover has a very, very strong position in that. Roger Hochschild, who is the CEO, has been with Discover since 1998 and has had other stints within the
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