The company entered into a merger agreement to acquire Discover Financial Services. The transaction is subject to customary closing conditions, including regulatory and stockholder approvals.

Total deposits increased by $2.6 billion to $351.0 billion as of March 31, 2024 from December 31, 2023, primarily driven by our national consumer banking strategy.

The Consumer Financial Protection Bureau issued a final rule that, when effective, would significantly lower the safe harbor amount for past due fees that a large credit card issuer can charge. The final rule, when effective, will have a significant impact on our revenue.

Non-interest expense increased by $192 million to $5.1 billion in the first three months of 2024, primarily driven by increased marketing spend.

The efficiency ratio decreased to 54.64% in the first quarter of 2024 compared to 55.54% in the first quarter of 2023.

The company recognized $42 million of incremental expense in the first quarter of 2024 for the Federal Deposit Insurance Corporation (FDIC) special assessment related to certain regional bank failures.

The final rule amending Regulation Z, which significantly lowers safe harbor amounts for past due fees, is subject to ongoing litigation, the outcome of which remains uncertain.

Our net charge-off rate increased by 184 bps to 5.90% in the first quarter of 2024 compared to 4.06% in the first quarter of 2023 primarily driven by higher net charge-offs in our domestic credit card loan portfolio.

The Company's stress capital buffer requirement is recalibrated every year based on the Company's supervisory stress test results. The Company's minimum capital requirements plus the standardized approach capital conservation buffer for CET1 capital, Tier 1 capital and total capital ratios under the stress capital buffer framework are 9.3%, 10.8% and 12.8%, respectively, for the period from October 1, 2023 through September 30, 2024.

Non-interest income increased by $197 million to $1.9 billion in the first quarter of 2024 compared to the first quarter of 2023, primarily driven by growth in our Credit Card business.

Total deposits increased by $2.6 billion to $351.0 billion as of March 31, 2024 from December 31, 2023 primarily driven by our national consumer banking strategy, which includes our national brand and marketing strategy, cafés, and tech / digital investments.

The company faces intense competition in the financial services industry, which could impact its ability to maintain or grow market share.

Operating expenses increased by $79 million to $4.1 billion in the first quarter of 2024 compared to $4.0 billion in the first quarter of 2023.

The efficiency ratio decreased to 54.64% in the first quarter of 2024 compared to 55.54% in the first quarter of 2023.

The adjusted operating efficiency ratio decreased to 43.45% in the first quarter of 2024 compared to 45.47% in the first quarter of 2023.

The company's national consumer banking strategy includes tech/digital investments, which have enabled us to both deepen and grow our overall customer base.

The company will explore opportunities to acquire technology companies and related assets to improve our information technology infrastructure and to deliver on our digital strategy.

The company is subject to increased costs, reductions in revenue, reputational damage, legal exposure and business disruptions that can result from a cyber-attack or other security incident.

The company declared and paid common stock dividends of $238 million and repurchased $103 million of shares of common stock during the first quarter of 2024.

The company's common equity Tier 1 (CET1) capital ratio as calculated under the Basel III standardized approach was 13.1% as of March 31, 2024.

The company determined that its proposed acquisition of Discover constitutes a material change and, therefore, we are required to resubmit an updated capital plan to the Federal Reserve.

The 10-Q does not contain any specific information or updates on ESG initiatives.

The 10-Q does not contain any specific information or updates on sustainability risks or opportunities.

The 10-Q does not contain any specific information or updates on governance practices.

The company is exposed to changes and instability in the macroeconomic environment, resulting from factors that include monetary policy actions, geopolitical conflicts or instability, labor shortages, government shutdowns, inflation and deflation, potential recessions, lower demand for credit, changes in deposit practices and payment patterns.

The company is subject to compliance with new and existing domestic and foreign laws, regulations and regulatory expectations.

The company is exposed to fluctuations in interest rates or volatility in the capital markets.