Discover Financial Services: The Worst Is Yet to Come

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Credit card lender Discover Financial Services (NYSE: DFS) reported its second-quarter results on Thursday, and they were ugly. Total revenue fell 7%, while net income swung from a $753 million profit a year ago to a $368 net loss. The company set aside a whopping $2 provision for loan loss, or a net $1.3 billion reserve build after accounting for $767 million in charge-offs last quarter.

Unfortunately, Discover increased its reserve even over the large build taken in the March quarter during the early days of the pandemic, admitting to a worsening outlook compared with three months ago. Management also forecast charge-offs increasing later this year and into 2021.

On the other hand, Discover’s balance sheet and customer base also seem in much better shape compared with the last financial crisis in 2008. And if the government comes through with another round of stimulus, things may not be turn out

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Finance office goes virtual with launch of AF Comptroller Services Portal

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The 88th Comptroller Squadron went virtual recently after the Air Force Comptroller Services Portal launched. The CSP now serves as the primary route for finance customers to submit pay requests.

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Tech Sgt. Jackie Summers, 88th CPTS Financial Operations NCO in charge, said they’ve been working on the CPS program since receiving the results of a 2018 survey conducted at 29 bases.

According to Summers, the majority of the survey’s participants said they wanted better communication with their finance offices and preferred for that communication to be in an electronic format.

Finance customers can access the portal and submit accounting, budgeting, civilian, military and travel pay inquiries by going to https://usaf.dps.mil/teams/SAFFMCSP/portal/SitePages/Home.aspx. The only user exceptions are reservists and traditional guard Airmen.

Summers said those Airmen should be able to access the portal sometime next year.

To access the site, customers will not need VPN access, but they will

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Banks join IBM’s financial services cloud as it doubles down on security, compliance

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Dive Brief:

  • More banks are signing up for IBM’s financial services cloud collaboration with Bank of America, including French international banking group BNP Paribas, IBM announced Wednesday. MUFG Bank, the largest bank in Japan, is also exploring the financial services cloud deployment, though it’s not publicly stating its timeline, Hillery Hunter, VP, CTO of IBM Cloud, told CIO Dive. 

  • IBM is forming a Financial Services Cloud Advisory Council to advance its cloud policy framework tailored to the highly regulated sector. It’s led by Howard Boville, SVP, IBM Cloud, the former Bank of America CTO who joined IBM in May. Tony Kerrison, CTO of Bank of America, will also serve on the council. 

  • To implement the financial services cloud, IBM now has more than 30 partners operating as Independent Software Vendors, adhering to the security and risk requirements for financial services.

Dive Insight:

IBM has “several” clients beyond publicly

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A Look At Hartford Financial Services Group’s (NYSE:HIG) CEO Remuneration

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Chris Swift has been the CEO of The Hartford Financial Services Group, Inc. (NYSE:HIG) since 2014, and this article will examine the executive’s compensation with respect to the overall performance of the company. This analysis will also look to assess whether the CEO is appropriately paid, considering recent earnings growth and investor returns for Hartford Financial Services Group.

See our latest analysis for Hartford Financial Services Group

How Does Total Compensation For Chris Swift Compare With Other Companies In The Industry?

At the time of writing, our data shows that The Hartford Financial Services Group, Inc. has a market capitalization of US$15b, and reported total annual CEO compensation of US$15m for the year to December 2019. That’s a modest increase of 4.9% on the prior year. We think total compensation is more important but our data shows that the CEO salary is lower, at US$1.2m.

On comparing similar companies in

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September 4th Options Now Available For Discover Financial Services

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Investors in Discover Financial Services (Symbol: DFS) saw new options begin trading today, for the September 4th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DFS options chain for the new September 4th contracts and identified one put and one call contract of particular interest.

The put contract at the $49.00 strike price has a current bid of $1.65. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $49.00, but will also collect the premium, putting the cost basis of the shares at $47.35 (before broker commissions). To an investor already interested in purchasing shares of DFS, that could represent an attractive alternative to paying $51.13/share today.

Because the $49.00 strike represents an approximate 4% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also

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The American College of Financial Services Annual National Conference of African American Financial Professionals Goes Virtual

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The nation’s premier conference for Black financial professionals will take place virtually in a one-day event

King of Prussia, July 24, 2020 (GLOBE NEWSWIRE) — The American College of Financial Services, the nation’s largest accredited, non-profit educational institution devoted to financial services, will host the Annual Conference of African American Financial Professionals (CAAFP) on August 4, 2020 in a five-hour virtual event.

Now, more than ever, is a time for collaboration and discussion. If we can’t be together physically, we can gather as a community in this virtual space. Created as an educational and experimental experience, the CAAFP is now the largest gathering of its kind within financial services with a mission to advance and foster professional relationships and development among African Americans working in the profession. Even though African Americans make up about 13% of the U.S. population, they account for only 8% of financial advisors, according to studies

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CFC & Rwanda Finance Ltd agree to enhance cooperation ties

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Casablanca Finance City (CFC) and Rwanda Finance Limited (RFL) have agreed to promote investment and cooperation between Morocco and Rwanda in financial services.

The agreement, signed on Wednesday via videoconference, seeks to promoting best practices, through which CFC will support the development of the International Financial Center of Kigali (KIFC).

Saïd Ibrahimi, CEO of CFC, said: “We are very pleased to sign this partnership between CFC and RFL. This agreement allows us to expand our network of partnerships and to share our expertise with other African financial centers in a logic of South-South cooperation”.

This partnership comes after the agreement sealed with the Rwanda Development Board (RDB), which aims to facilitate the business of CFC companies operating in Rwanda, added Mr. Ibrahimi.

For his part, Nick Barigye, CEO of Rwanda Finance Limited said: “By capitalizing on the close relations between our two countries, this agreement emphasizes the improvement of the

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BA International Trade and Finance, Izmir, Turkey 2020

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The Department of International Trade and Finance prepares students for business life, training them as professionals, who can design strategies suitable for international trade, position Turkish goods, and services in an international environment, understand the structure of international trade establishments, and contribute to the national economy by analyzing various financial models.

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Program structure

Courses are offered in economics, management, information technology, international trade, foreign trade management, trade law, foreign languages (starting from the second year and continuing until graduation), finance management, marketing, international economy, international marketing, and import-exports. Students are also prepared with the distinctive skills of personal entrepreneurship and critical thinking. A second foreign language option is also offered to all students.

Career opportunities

Graduates of this program find careers in companies dealing with Foreign Trade and Capital, SMEs(small and middle-sized companies) which are operating globally, internationally funded companies, commercial sections of Embassies, and in the trade/finance division of

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Setting Financial Goals Using a Personal Finance Guide to Help

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Financial planning is all about goals. There are two islands: what you have and what you want. The bridge between the two is your personal finance budget. Getting to where you want to be requires vision, planning and discipline – the vision to know what you want, a plan to get there and the discipline to stick with your plan. Follow this guide to personal finance superstardom.

Setting goals and sticking to them is the key to personal finance success.

Get Software
The difference between achieving goals and just staggering along as you have been often comes down to the tools you use along the way. The best tool you have at your disposal is quality software, such as Mint.com. Easy, intuitive and free, Mint.com offers a clear, crisp interface that charts and graphs your progress toward any goal, no matter how lofty.

Be Realistic
I want to be

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Creating a Portfolio in Google Finance

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To use Google Finance, you’ll need to create a Google account. This is a simple process that’s free and takes less than a minute. Once you have an account, you can create a portfolio and participate in Google Finance discussion groups.

To create a portfolio, you simply click on the Portfolios link at top of the Google Finance home page. Then click Create a Portfolio. As soon as you have created and named your portfolio, you can start adding stocks and mutual funds.

If you already have any Google account — like a Gmail address — just go to Google Finance, log into your account and then click Portfolios. You’ll go to a page entitled My Portfolios. Follow the instructions on the page to add stocks or funds to your portfolio.

Once you’ve entered the stocks or mutual funds you want in your portfolio, you can view it in several

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