As a Chicago native and third-generation Chicago banker, it has always been a curiosity to me that our city doesn’t have more of a global profile as a financial hub. Blame our humility on “Midwest nice,” but we Chicagoans know the real story — Chicago has long stood as a beacon of financial innovation.
In 1848, the Chicago Board of Trade created the world’s first futures exchange. In 1973, the Chicago Board Options Exchange opened, becoming the first marketplace for trading listed options. Then, in 1985, Chicago was the launching ground for the Discover card when an employee at Sears, the department store, first came up with the idea of cash-back rewards. This innovation propelled Discover’s credit cards to become a mainstay of merchants and consumers everywhere in the U.S.
Today, Chicagoland is once again at the center of a potential sea change in the financial space, following the announcement of Capital One’s agreement to acquire Riverwoods-based Discover Financial Services. A combined Capital One-Discover would provide a strong alternative to Visa, Mastercard and American Express, adding scale and investment to the Discover Global Network and raising the bar for what consumers and merchants can expect from a network partner.
As Capital One’s Chicago market president since 2018, it’s incredibly exciting for me to see Chicago playing such a central role in the company’s future. I’m especially proud to share today that Capital One is committing to fulfilling the goal of employing 1,000 associates at Discover’s Chatham Customer Care Center and Shine Bright Community Center on the South Side and to providing continued support for the nonprofits with which both companies partner as we look to remain actively engaged in the community.
The Chatham Customer Care Center, which was once a vacant South Side big box store, has been transformed into a thriving customer care center that employs more than 600 people. Importantly, most live in and around Chatham, a vibrant Black community on Chicago’s South Side.
I’m excited to bring the center’s employees into the Capital One Chicago family and to commit to the goal of growing their ranks. Discover’s customer care representatives have an impressive track record of delivering service excellence in Chatham and nationwide, and we look forward to achieving even greater success through the merger. Together, Capital One and Discover will build a team that combines the best of Chicagoland’s top talent, from the Chatham Center at 86th Street and Cottage Grove Avenue, to Capital One’s offices in the Loop to Discover’s headquarters in Riverwoods.
Both have been recognized as great places to work on the Fortune 100 Best Companies to Work For list, with 2024 marking Capital One’s 12th consecutive year on the list and Discover’s second. This accolade reflects Capital One’s long-standing commitment to ensuring our associates feel connected to their communities and have the opportunity to give back. Notably, Capital One has made several durable investments on the South Side over the years, from the opening of our cafe in the Hyde Park neighborhood to our partnerships with local leaders and nonprofits such as the Greater Chicago Food Depository, Hope Chicago and Ladder Up, a free tax prep provider in Chicago with multiple sites on the South Side. The merger of Capital One and Discover will allow us to build on the nonprofit relationships we share in common.
Across the state of Illinois, Capital One also provided nearly $378 million in community development loans or financing between 2020 and 2023, including nearly $305 million in Chicago alone, building on our position ranking first or second in community development lending among all banks since 2018. Beyond our business contributions, Capital One’s more than 1,600 Chicago-based associates are deeply engaged in their communities, having contributed more than 8,000 pro bono volunteer hours to local nonprofits last year alone. One of the partnerships I’m most proud of is our work with Chicago’s Big Shoulders Fund. Our associates support their Stock Market Program by teaching students about financial services and technology, and careers within those industries. Through Capital One Coders, we’re inspiring Chicago’s future generation by educating, mentoring and empowering students to recognize their potential as technologists.
As Capital One seeks to expand its impact in Chicago through our acquisition of Discover, our community and employee commitments will remain strong and steadfast. So, too, will our commitment to our customers. Capital One and Discover are both unique in our focus and proven track records of 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 can’t do it without Chicago. We’re excited to see what the future holds for our two great companies and the amazing community in the Windy City.
Dave Kucera is Capital One’s Chicago market president.
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