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Discover CEO Sounds a Warning on U.S. White-Collar Job Losses

Discover Financial Services Credit Cards Ahead Of Earnings Figures
Photographer: Andrew Harrer/Bloomberg

The prospect of a spate of white-collar job losses in the U.S. is a growing concern for the CEO of one of the country’s largest credit-card providers.

While U.S. banks have emerged from the early months of the pandemic mostly unscathed, that could change as wealthier borrowers start to lose their jobs, Discover Financial Services Chief Executive Officer Roger Hochschild said. About 898,000 Americans filed for first-time unemployment benefits last week, an unexpected jump from the previous week and the metric’s highest level since August, Labor Department data showed Thursday.