Yahoo Finance Discover (DFS) Invests in AARC Program, Adds New Jobs
Discover Financial Services DFS recently announced that the company plans to expand its downtown Chicago office 606 and enhance its local footprint with the launch of the new Advanced Analytics Resource Center (AARC@606) program. It foresees bringing 150 jobs and hiring at least 75 new personnel in the coming year.
Per the new plan, DFS will likely absorb the new employees in different departments and projects of the company, following their rotation and specialization in multiple areas of the business. The AARC@606 program is expected to enable Discover Financial to build a diverse workforce with specialized technical skills.
DFS has already brought in 75 people at 606 and plans to bring an additional 75-100 personnel in 2023. It intends to hire more people after the success of the AARC@606 program. The program requires employees to work in a hybrid model. Hence, the candidates are expected to live in the Chicagoland area.
The latest development follows the company’s recent grand opening of the customer care hub in Chatham, which is expected to have more than 1,000 people by 2024. The AARC@606 program is viewed as a major positive for the city’s tech industry. Investing in the program is expected to strengthen Discover Financial’s data and analytics wing and boost in-house resources.
The latest move is also in line with the digital transformation efforts of DFS. Besides using in-house resources, Discover Financial frequently resorts to third-party vendors to pursue technology advancements related to cloud, telecommunications, hardware and operating systems. These digital transformation efforts seem to be necessary to stay abreast with the growing digital trend.
Price Performance
Discover Financial’s shares have decreased 21.2% in the past year compared with a 30.1% fall in the industry.
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Zacks Rank & Key Picks
Discover Financial currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader finance space are Mr. Cooper Group Inc. COOP, Ares Capital Corporation ARCC and EZCORP, Inc. EZPW, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Headquartered in Coppell, TX, Mr. Cooper Group offers transaction-based services. The Zacks Consensus Estimate for COOP’s 2022 bottom line has witnessed one upward revision in the past 30 days against none in the opposite direction.
Based in Los Angeles, CA, Ares Capital specializes in rescue financing of middle-market companies. The Zacks Consensus Estimate for ARCC’s 2022 earnings indicates 15.1% year-over-year growth.
Austin, TX-based EZCORP works as a pawn loan provider in the U.S. and Latin America. The Zacks Consensus Estimate for EZPW’s 2022 bottom line indicates 94.7% year-over-year growth.
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