As a native Chicagoan and third-generation banker, it has always intrigued me why our city doesn’t have a more prominent global profile as a financial hub. Perhaps it’s our ‘Midwest nice’ humility, but Chicagoans know the truth – our city has long been a beacon of financial innovation.
Chicago’s financial prowess dates back to 1848 with the creation of the world’s first futures exchange by the Chicago Board of Trade. In 1973, the Chicago Board Options Exchange became the first marketplace for trading listed options. And in 1985, Chicago was the birthplace of cash-back rewards, pioneered by an employee at the department store Sears. This innovation propelled Discover’s credit cards to become a mainstay for merchants and consumers across the U.S.
Today, Chicagoland is once again poised to be a catalyst for change in the financial landscape, following the announcement of Capital One’s acquisition of Riverwoods-based Discover Financial Services. This merger will create a formidable alternative to the industry giants Visa, Mastercard, and American Express, adding scale and investment to the Discover Global Network.
As Capital One’s Chicago market president since 2018, I am thrilled to witness Chicago playing such a pivotal role in the company’s future. I am particularly proud to announce that Capital One is committed to employing 1,000 associates at Discover’s Chatham Customer Care Center and Shine Bright Community Center on the South Side, continuing our support for the nonprofit organizations both companies partner with, and remaining actively engaged in the community.
The Chatham Customer Care Center, once a vacant South Side big box store, has been transformed into a thriving hub employing over 600 people, primarily from the vibrant Black community of Chatham. We are excited to welcome these employees into the Capital One Chicago family and are committed to growing their ranks.
Discover’s customer care representatives have a remarkable track record of service excellence in Chatham and nationwide. Together, Capital One and Discover will build a team that combines the best of Chicagoland’s talent, creating a formidable force that will drive innovation and competition in the payments space.
Capital One and Discover have both been recognized as exceptional places to work, with Capital One earning a spot on the Fortune 100 Best Companies to Work For list for 12 consecutive years and Discover making it onto the list for the second time. This recognition reflects Capital One’s unwavering commitment to ensuring our associates feel connected to their communities and have opportunities to give back.
Notably, Capital One has made significant investments on Chicago’s South Side over the years, including opening a café in Hyde Park and partnering with local leaders and nonprofits such as the Greater Chicago Food Depository, Hope Chicago, and Ladder Up. The merger with Discover will allow us to further strengthen these relationships.
Across Illinois, Capital One has provided nearly $378 million in community development loans or financing between 2020 and 2023, including $305 million in Chicago alone. This reinforces our position as a top lender for community development among all banks since 2018.
Beyond our business contributions, Capital One’s over 1,600 Chicago-based associates are deeply involved in their communities, contributing more than 8,000 pro bono volunteer hours to local nonprofits annually. One partnership we are particularly proud of is our work with Chicago’s Big Shoulders Fund. Our associates support their Stock Market Program, educating students about financial services, technology, and career opportunities in these industries. Through Capital One Coders, we are inspiring Chicago’s future generation by teaching, mentoring, and empowering students to recognize their potential as technologists.
As Capital One expands its impact in Chicago through the Discover acquisition, our community and employee commitments will remain steadfast. We are equally committed to our customers. Capital One and Discover share a unique focus on pioneering breakthrough products like no-fee overdraft and cash-back rewards. By joining forces, our combined company will be an engine for innovation and competition in the payments space.
We cannot achieve our goals without Chicago. We are excited about the future of our two great companies and the incredible community in the Windy City.
