Capital One merges Discover, forming $120B firm with strong capital and buybacks amid risks.

Capital One Financial has completed its integration of Discover Financial, creating a $120 billion financial entity. The company maintains a strong 14.3% Tier 1 capital ratio and trades at a low double-digit price-to-earnings ratio. It continues aggressive share repurchases with a $14 billion authorization, signaling confidence despite elevated credit card charge-offs and allowances that indicate risk. Synergies from the Discover and Brex acquisitions are expected to boost earnings growth, making Capital One an attractive investment opportunity even amid recent market declines and uncertainty.