RIVERWOODS, Ill. - Discover Financial Services began trading as an independent company on the New York Stock Exchange this week. Discover is an independent company as a result of its spin-off from Morgan Stanley, which was completed June 30.
"Today begins an exciting new chapter in Discover's proud history," said David Nelms, Discover's chief executive. "With one of the strongest brands in financial services and a differentiated strategy, Discover is well positioned to deliver long-term value to shareholders, cardholders, financial institutions and our merchant partners."
Discover is one of the largest credit card issuers in the world and operates leading credit and debit payments networks. The company, which operates the Discover Card and the Discover and Pulse EFT networks, reported more than $5 billion in revenue and more than $50 billion in managed receivables in fiscal year 2006.
Discover shares are now being traded under the "DFS" ticker symbol.
