Discover Financial Services Announces New $2 Billion Share Repurchase Authorization; Declares Regular Quarterly Dividend

Discover Financial Services announced that its board of directors has approved a new share repurchase program, authorizing the company to purchase up to $2 billion of its common stock. The program expires on March 22, 2014, and may be terminated at any time. The share repurchase program replaces the prior $1 billion program that had $575 million of remaining authorization. The company’s board also declared a cash dividend of $0.10 per share of common stock, payable on April 19, 2012, to stockholders of record at the close of business on April 5, 2012.