CEO LETTER

Corporate social responsibility has taken on a new meaning as we work through the worst global pandemic since 1918 and widespread social unrest resulting from centuries of racism in this country.

We have borne 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 continue to 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 a vaccine that will soon be distributed to millions of Americans, and the heroic acts of healthcare and essential workers since the start of the pandemic, to last summer’s marches in cities and suburbs populated by people from all walks of life saying that we can, and must, do better. It is in that spirit that all of us at Discover commit not only to doing better as a company, but to making our community stronger.

To this end, our corporate purpose is to help people achieve a brighter financial future. As 2020 has demonstrated, 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 throughout the pandemic, we have continued to work with our customers to meet their unique financial situations, enabling them to skip payments, deferring 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 make Discover a great place to work; a place where all employees feel a sense of belonging and feel supported and engaged. And we strive to create a truly diverse, inclusive and equitable environment. That’s why this year we expanded our commitment to Diversity, Equity & Inclusion with two dedicated Officers and a newly created Diversity, Equity & Inclusion office to oversee our efforts and ensure we’re doing everything we can to foster a more inclusive environment and to achieve a more diverse workforce. We recognize our role in being part of the change sought in this country, and we are resolved to do more to better understand and overcome our biases, respect and celebrate differences, and remove systemic barriers.

Volunteerism is a core value at Discover, and each year thousands of Discover employees give support to the causes they care about. In 2019, employees volunteered more than 70,000 hours with over 100 nonprofit organizations. And during the past year, Discover and our employees stepped up to actively support COVID-19 relief efforts and racial justice issues, donating more than $2 million to various organizations helping with the pandemic and others that are 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, our communities and one another in this period of need. Their response is a reflection of the values we share and the culture that has been built throughout our 35-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