Capital One's Q2 profit fell 61% due to higher net charge-offs and Walmart partnership end.

Capital One's Q2 profit fell 61% due to higher net charge-offs, reducing net income to $531m. This was partly due to the end of its credit card partnership with Walmart, which caused a $853m hit to earnings. Capital One CEO, Richard Fairbank, remains committed to the $35bn acquisition of Discover Financial, which will grant access to the fourth-largest US credit card network.