CEO LETTER

Corporate social responsibility takes on new meaning in the midst of the worst global pandemic since 1918 and widespread social unrest resulting from centuries of racism in this country.

We bear witness to the pain felt by communities of color who have been denied equality, justice and opportunity and who live in fear of the very people who are here to protect them. We see the hardship that millions of Americans are experiencing through the loss of lives and livelihoods due to COVID-19. But amid the pain, we see signs of hope – from the heroic acts of healthcare and essential workers to the marches in cities and suburbs populated by people from all walks of life saying that we can, and must, do better.

Our corporate purpose is to help people achieve a brighter financial future – and now is a time when a brighter future is sorely needed. As the only major bank with no annual fees on all credit cards and no fees on all deposit products, Discover has always looked to deliver unmatched value to our customers. And through the pandemic, we have worked with our customers to meet their unique financial situations, waiving fees, enabling them to skip payments, defer interest and providing other support.

Key to all our Banking products is our award-winning, 100% U.S.-based customer service. Great customer service requires a great team and that’s why a significant portion of our Corporate Responsibility Report is dedicated to the high-quality jobs, programs and benefits we provide to our more than 18,000 employees. We work hard to provide a culture that makes Discover a great place to work; a place where all employees feel a sense of belonging, and feel supported and engaged. And we hold ourselves accountable for creating a truly diverse, inclusive and equitable environment. We recognize our role in being part of the change being sought in this country and we are resolved to doing more to better understand and overcome our biases; respect and celebrate differences; and remove systemic barriers.

Volunteerism is a core value at Discover. In 2019, thousands of Discover employees volunteered more than 70,000 hours to support over 100 non-profit organizations. This year, Discover and its employees are actively supporting COVID-19 relief efforts and Discover will seek to affect change in the community by working with nonprofits committed to racial justice and through focused actions to help communities of color. And, in addition to our own donations, Discover is also matching employee donations in support of organizations seeking to end racial discrimination.

Times like this are a true test of an organization and its people, and I am deeply proud of how Discover’s employees have risen to the challenge through their efforts to help our customers and communities in this period of need. Their response is a reflection of the values we share and the culture that has been built throughout our 34-year history. They have guided us throughout these turbulent times and are the basis for the philosophy and approach to everything we have outlined in the following pages of this Report. This Report’s theme, A Brighter Future, captures both our company purpose and our hope for the days ahead. It seems particularly poignant at this time.

Roger C. Hochschild
Director, Chief Executive Officer, and President