Reported 10 months ago
Ally Financial Inc. has announced it will stop mortgage originations and reduce its workforce by less than 5% due to rising credit challenges and consumers facing expensive debt. The company, which has around 11,100 employees, cited the need to right-size while still hiring in other areas. Furthermore, it is considering strategic options for its credit-card business amidst tightening lending criteria and rising interest rates affecting consumers.
Source: YAHOO