ALLY to Exit Mortgage Business, Cut Jobs & Focus on Auto Franchise

As mortgage rates are expected to remain higher for longer, Ally Financial (ALLY) will be exiting the mortgage origination business. Further, the company is seeking “strategic alternatives” for its credit card business. The company will likely fully exit both businesses by the end of this quarter.Further, as a result of this restructuring, Ally Financial will be laying off less than 5% of employees, but these are not specific to any location or operation. The company spokesperson, Peter Gilchrist, revealed ...