Discover Financial Services (NYSE:DFS) Q3 2023 Earnings Conference Call October 19, 2023 8:00 AM ET
Company Participants
Eric Wasserstrom - Head of Investor Relations
John Owen - Interim Chief Executive Officer
John Greene - Chief Financial Officer
Conference Call Participants
Sanjay Sakhrani - KBW
Bill Carcache - Wolfe Research
Ryan Nash - Goldman Sachs
John Hecht - Jefferies
Jeff Adelson - Morgan Stanley
Rick Shane - JPMorgan
Mihir Bhatia - Bank of America Merrill Lynch
Bob Napoli - William Blair
Kevin Barker - Piper Sandler
Nick Holowko - UBS
Dominick Gabriele - Oppenheimer
Operator
Good morning. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to the Third Quarter 2023 Discover Financial Services Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there'll be a question-and-answer session. [Operator Instructions] Thank you.
I will now turn the call over to Mr. Eric Wasserstrom, Head of Investor Relations. Please go ahead.
Eric Wasserstrom
Thank you, Chelsea, and welcome to this morning's call.
I'll begin on Slide 2 of our earnings presentation, which you can find in the Financials section of our Investor Relations website, investorrelations.discover.com. Our discussion today contains certain forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward-looking statements that appear in our third quarter earnings press release and presentation.
Our call today will include remarks from our Interim CEO, John Owen, and John Greene, our Chief Financial Officer. After we conclude our formal comments, there will be time for a question-and-answer session. During the Q&A session, you will be permitted to ask one question, followed by one follow-up question. After your follow-up question, please return to the queue.
Now, it's my pleasure to turn the call over to John.
John Owen
Thank you, Eric, and thanks to our listeners for joining today's call.
As I shared a few months ago, I have three priorities in my role as Interim CEO. First is, continue delivering a great customer experience at every touch point, which we do by providing our customers award-winning service and products. At the heart of this is, a team of more than 20,000 employees connected by common values and a shared mission to help people achieve a brighter financial future.
Our second priority is to advance our culture of compliance. We have made significant strides in this area. By now, you've all had the opportunity to review the consent order issued by the FDIC in September. Consistent with the terms of this consent order, we have made meaningful investments in improving our corporate governance and enterprise risk management capabilities, and expect to drive further enhancements across the organization in the coming quarters. We have also started the process of engaging with our merchant partners on the card misclassification issue, remain in active dialog with our regulators on this topic. The resolution of this issue is likely to be complex and we anticipate it will take several quarters fully resolve.