As we continue to transform Ally to be more focused on our strengths and our highest-returning businesses, we announced that we will be exiting the mortgage origination business and looking at strategic alternatives for our credit card business in the first quarter of this year.
Ally Financial exited the mortgage business in 2012, reentered in 2016 with the launch of its direct-to-consumer mortgage platform, Ally Home, and went fully digital in 2019 through a partnership with Better.com.
By 2022, Ally recorded a $136 million impairment tied to its investment in Better, signaling significant financial difficulties that ultimately influenced the decision to exit the mortgage market.
The recent job cuts, according to Gilchrist, are not tied to any specific business line or location, suggesting a broader strategy shift rather than localized issues.
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