Discover ‘paying the price’ for not investing in compliance


Discover Financial Services is “paying the price” for underinvesting in compliance over the past several years and has been ramping up spending and hiring to catch up, two senior executives said in a recent call with analysts.

In a business update call Thursday, Discover Chief Financial Officer John Greene said the company had “historically underinvested” in compliance and that the company was “paying the price right now.”

“We’re going to make sure we don’t underinvest going forward,” he said, adding the company is “ensuring that we don’t put profits before compliance excellence.”

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