Ally Financial is reportedly cutting staff, ending mortgage originations and rethinking its credit card business. The company will lay off less than 5% of its workforce, Bloomberg News reported Wednesday (Jan. 8), citing a statement from an Ally spokesperson. “As we continue to right-size our...
Carvana has revived a deal to sell $4 billion in used-car loan receivables to Ally Financial. The yearlong arrangement, announced Monday (Jan. 6), comes days after a report by short seller Hindenburg Research claiming that Ally was stepping back from its partnership with the online...
Earnings reports this season, particularly from banks, have taken note of the resilience in consumer spending, especially on debit and credit cards, in various areas of discretionary activity, including dining out and travel. But some stats and commentary from banks also hint at the pressures...
Ally Financial CEO Michael Rhodes says the company’s next few quarters will be “choppy.” In a third-quarter earnings presentation Friday (Oct. 18), the auto lender said it had imposed stricter standards for borrowers by instituting tighter verification requirements for proving income and employment. “Our origination trends reflect a deliberate strategy...
September 16, 2024
The banks fizzled this past week, marking the lone swath of red — measured in terms of declining stock prices — in the latest weekly reading of the CE 100 Index’s performance. Yet, the overall performance was positive, as the index itself was 3.8% higher. iRobot shares gathered 21.3%, while the Live segment of the […]
January 15, 2024
Friday heralded the official kick off of earnings season, with banks leading the charge. Within the CE 100 Index, gains seen in the work segment were blunted by the bank...
January 23, 2023
Despite concerns over consumer spending, PYMNTS’ ConnectedEconomy “CE 100” Stock Index gained ground this past week, as it extended its recent run with another 1% weekly advance. And thus far,...
October 19, 2021
The only thing rising faster than digitally connected banking is the increasing consumer expectations that surround those services. In the latest Digital-First Banking Tracker, Ally Financial's Sathish Muthukrishnan discusses how...
January 22, 2025
Ally Financial has sold its credit card business to consumer finance company Cardworks. The deal, announced in a news release Wednesday (Jan. 22), will see CardWorks and its subsidiary Merrick Bank acquire Ally’s credit card portfolio of $2.3 billion in credit card receivables and 1.3 million active cardholders. “Ally’s decision to sell its credit card business is part of our […]
January 08, 2025
Ally Financial is reportedly cutting staff, ending mortgage originations and rethinking its credit card business. The company will lay off less than 5% of its workforce, Bloomberg News reported Wednesday...
January 06, 2025
Carvana has revived a deal to sell $4 billion in used-car loan receivables to Ally Financial. The yearlong arrangement, announced Monday (Jan. 6), comes days after a report by short...
October 18, 2024
Ally Financial CEO Michael Rhodes says the company’s next few quarters will be “choppy.” In a third-quarter earnings presentation Friday (Oct. 18), the auto lender said it had imposed stricter standards for borrowers by instituting...