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 company, we made the difficult decision to selectively reduce our workforce in some areas, while continuing to hire in our other areas of our business,” spokesperson Peter Gilchrist said in the email. Gilchrist said the ...

After the banking turmoil of early 2023 that saw several institutions fail, Warren Buffett pared down the bank stocks in Berkshire Hathaway's (BRK.A 0.02%) (BRK.B 0.09%) portfolio. However, two stocks that are still on the list are Bank of America (BAC 0.38%) and Ally Financial (ALLY 0.73%).Both are substantial investments in Berkshire's portfolio. The Bank of America investment is one of the largest, with a $34 billion market value representing a 9.99% stake in the megabank. Ally is a smaller bank, but Ber ...

CHARLOTTE, N.C., Dec. 18, 2024 /PRNewswire/ -- Ally Financial Inc. (NYSE: ALLY) has scheduled the release of its fourth quarter and full year 2024 financial results for Wednesday, January 22, 2025, at approximately 7:30 a.m. ET. The results will be available on the Ally Press Room website (http://media.ally.com). Ally will host a conference call at 9 a.m. ET to review the company's performance. You may listen to the call via webcast or dial-in. The webcast will be live on Ally's Investor Relations website i ...

He is the leader of the investing group The Dividend Dog Catcher , where he shares a minimum of one new dividend stock idea per week with focus on yield or extraordinary financial circumstances. All ideas are archived and available after weekly announcement. Learn moreAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opini ...

CHARLOTTE, N.C., Nov. 25, 2024 /PRNewswire/ -- Ally Financial Inc. (NYSE: ALLY) Chief Executive Officer Michael Rhodes will present at the Goldman Sachs US Financial Services Conference on Wednesday, Dec. 11, 2024 at approximately 10:00 a.m. ET.A live webcast will be available on the day of the conference at http://www.ally.com/about/investor/ under the Events and Presentations section of the Investor Relations website. A replay will also be available.About Ally FinancialAlly Financial Inc. (NYSE: ALLY) is ...

Ally Financial's Credit Card Business - Ally Financial is considering selling its credit card business, as reported by Bloomberg, with the company working with a financial advisor to find potential buyers [1][2] - As of Sept 30, 2024, the company had $2 13 billion in average credit card loans and 1 25 million active cardholders [2] - The company has a long history in the credit card business, previously partnering with The Toronto-Dominion Bank (TD) for the Ally CashBack credit card until 2019, when it stopped onboarding new customers to reduce losses [3] - In 2020, Ally Financial attempted to acquire Cardholder Management Services, Inc (CardWorks) for $2 65 billion, but the deal was mutually terminated due to the impact of COVID-19 [4] - In December 2021, Ally Financial acquired Fair Square Financial, a digital-first credit card company, for $750 million, which had 693,000 cardholders and $816 million in loan balances at the time [5] - The company is now considering exiting the credit card business due to stiff competition from larger providers like Capital One, which is set to become even bigger with its acquisition of Discover Financial [5] Ally Financial's Core Operations and Strategy - Ally Financial is focusing on its core businesses, including auto finance and digital banking, as part of its strategy to invest in growing scale businesses and strengthen relationships with dealer customers and consumers [6] - In March 2024, the company sold its point-of-sale financing business, Ally Lending, which included $2 2 billion of loan receivables as of Dec 31, 2023 [6] - The company has been taking steps to improve profitability, including reducing headcount, which led to $80 million in annualized expense savings [7] - Ally Financial has diversified into other businesses such as mortgage, wealth management, and online brokerage, and in 2023 launched Ally ai, a proprietary AI platform for enterprise-scale integration of AI capabilities [8] Financial Performance and Challenges - Ally Financial is facing challenges related to asset quality and higher interest rates, with the company noting a "dynamic operating environment" including high interest rates, volatility, and inflationary pressure [9] - The company expects loan losses to increase in 2024, with retail auto NCO rates projected to be between 2 25% and 2 30%, up from the prior target of 2 1%, and consolidated NCOs likely to be in the 1 50-1 55% range, up from earlier guidance of 1 45-1 5% [9] - Ally Financial has lowered its NIM target for 2024 to almost 3 20%, down from earlier guidance of approximately 3 30%, with NIM at 3 32% in 2023 [10][11] Medium-Term Outlook - With expected interest rate cuts in 2024 and 2025, Ally Financial is well-positioned to benefit from the liability-sensitive nature of its balance sheet and rising consumer loan demand, with management expecting NIM to reach 4% over the medium term [12] - Divesting the credit card business could further improve NIM over time, as credit cards have floating rate interest, and lower rates might negatively impact NIM [13] - Over the past three months, Ally Financial's shares have lost 11 7%, underperforming the industry's rally of 22 5%, due to concerns related to asset quality and NIM [13]

Bank surprises unsuspecting customers by asking about their financial challenges and then offering help to overcome themCHARLOTTE, N.C., Nov. 22, 2024 /PRNewswire/ -- To truly give thanks to our customers this year, Ally Bank, Member FDIC, brought back "Banksgiving," a celebration of the thanks we have for our customers, delivered by one of our most important assets – our customer care specialists.  During a single day in early November, Ally customer care specialists turned the typical end-of-call survey i ...

The company promotes new chief risk officer and audit executive and welcomes new head of Deposits & InvestCHARLOTTE, N.C., Nov. 20, 2024 /PRNewswire/ -- Ally Financial Inc. (NYSE: ALLY) announced today several new leadership appointments to further position the company for the future."In joining the company earlier this year, I partnered closely with the leadership team to take a fresh look at our leadership structure, and we have made some shifts to deliver increased value for our customers, employees and ...

These companies are flying under the radar and have a long runway to grow.Investing isn't about living in the past, but buying companies that will do well in the future. You want to buy stocks that can grow sales and earnings while also trading at a reasonable valuation. A tough task, especially when the broad S&P 500 index is trading at a price-to-earnings ratio (P/E) close to all-time highs.In bull markets, smart investors stray away from the red-hot and popular stocks trading at nosebleed earnings multip ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024, or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-3754 Ally Financial Inc. (Exact name of registrant as specified in its charter) Delaware 38-0572512 (State or other j ...