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Ally

#1647

Rank

$10.5B

Marketcap

US United States

Country

Ally
Leadership team

Mr. Jeffrey J. Brown (CEO & Director)

Mr. Scott A. Stengel (Gen. Counsel)

Mr. Douglas R. Timmerman (Pres of Dealer Financial Services)

Products/ Services
Data Integration, Enterprise Software, Human Resources, Management Information Systems, SaaS
Number of Employees
1,000 - 20,000
Headquarters
Bellevue, Washington, United States
Established
2018
Company Registration
SEC CIK number: 0000040729
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
ALLY
Social Media
Overview
Location
Summary
Ally Financial Inc., a digital financial-services company, provides various digital financial products and services to consumer, commercial, and corporate customers primarily in the United States and Canada. It operates through four segments: Automotive Finance Operations, Insurance Operations, Mortgage Finance Operations, and Corporate Finance Operations. The Automotive Finance Operations segment offers automotive financing services, including providing retail installment sales contracts, loans and operating leases, term loans to dealers, financing dealer floorplans and other lines of credit to dealers, warehouse lines to automotive retailers, and fleet financing. It also provides financing services to companies and municipalities for the purchase or lease of vehicles, and vehicle-remarketing services. The Insurance Operations segment offers consumer finance protection and insurance products through the automotive dealer channel, and commercial insurance products directly to dealers. This segment provides vehicle service and maintenance contract, and guaranteed asset protection products; and underwrites commercial insurance coverages, which primarily insure dealers' vehicle inventory. The Mortgage Finance Operations segment manages consumer mortgage loan portfolio that includes bulk purchases of jumbo and low-to-moderate income mortgage loans originated by third parties, as well as direct-to-consumer mortgage offerings. The Corporate Finance Operations segment provides senior secured leveraged cash flow and asset-based loans to middle market companies; leveraged loans; and commercial real estate product to serve companies in the healthcare industry. The company also offers commercial banking products and services. In addition, it provides securities brokerage and investment advisory services. The company was formerly known as GMAC Inc. and changed its name to Ally Financial Inc. in May 2010. Ally Financial Inc. was founded in 1919 and is based in Detroit, Michigan.
History

The company was founded in 1919 by General Motors as the General Motors Acceptance Corporation to provide financing to automotive customers. In 1939, the company founded Motors Insurance Corporation and entered the vehicle insurance market.In 1985, while GM was under the leadership of Roger Smith, who sought to diversify the company, GMAC formed GMAC Mortgage and acquired Colonial Mortgage as well as the servicing arm of Norwest Mortgage, which included an $11 billion mortgage portfolio.In 1991, the company was forced to write-off $275 million in bad debt as part of a $436 million loss suffered from fraud committed by John McNamara, who ran a Ponzi scheme.In 1998, the company formed GMAC Real Estate. In 1999, GMAC Mortgage acquired Ditech. In 2000, the company formed GMAC Bank, a direct bank. In 2005, the company formed GMAC ResCap as a holding company for its mortgage operations.In 2006, General Motors sold a 51% interest in GMAC to Cerberus Capital Management, a private equity firm. Also that year, GMAC sold a controlling interest of GMAC Commercial Holdings to Goldman Sachs, Kohlberg Kravis Roberts, and Five Mile Capital Partners. GMAC Real Estate was sold to Brookfield Asset Management. In 2009, Capmark filed for bankruptcy and its North American loan origination and servicing business was acquired by Berkadia, a joint venture of Leucadia National and Berkshire Hathaway.On December 24, 2008, the Federal Reserve accepted the company's application to become a bank holding company. In January 2009, the company closed Nuvell Financial Services, its subprime lending division.As a result of losses in GMAC ResCap, the United States Department of the Treasury invested $17.2 billion in the company in 2008–2009. The Treasury sold its last stake in the company in 2014, recovering $19.6 billion from its $17.2 billion investment.In April 2009 the bank announced plans to move its Charlotte office from Ballantyne to 106,525 square feet on four floors of 440 South Church, with possible expansion later. At the time, the bank had 265 Charlotte employees in three business units.In May 2009, GMAC Bank was rebranded as Ally Bank. In May 2010, GMAC re-branded itself as Ally Financial. In September 2010, the company sold its resort finance business to Centerbridge Partners. In 2012, the company sold its Canadian banking operations to Royal Bank of Canada for $3.8 billion. In April 2014, it became a public company via an initial public offering. In 2015, it moved its headquarters to One Detroit Center, which was subsequently renamed Ally Detroit Center. In June 2016, the company acquired TradeKing, a stockbrokerage, for $275 million, which was re-branded as Ally Invest.In May 2016, Ally Bank re-entered the mortgage business with the launch of its direct-to-consumer offering called Ally Home. In April 2019, Ally Home partnered with Better.com to launch a digital mortgage platform.In October 2019 Ally announced completion of its acquisition of Health Credit Services . HCS is a technology-focused patient financing company that is based in Charlotte, North Carolina.On May 3, 2021 Ally Charlotte Center officially the bank occupies 725,000 square of the building and is the only office tenant of the building. All 2,100 Charlotte-based employees and contractors will relocate to the new building from other Charlotte offices, which includes 440 South Church, 11605 N. Community House Road, WeWork space at 128 S. Tryon St, 1401 W. Morehead St, and 2101 Rexford Road. Ally will move into the building in phases as determined by teams.In December of 2021, Ally acquired Fair Square Financial, a credit card company, for $750 million and subsequently rebranded the subsidiary and product as Ally Credit Card.

Mission
At Ally, we are committed to building a transformative culture that empowers our team and enables us to serve our customers, partners and communities. At our core, we empower people and champion progress—and that includes our employees.
Vision
Our vision is to make all experiences easier, delightful and inclusive. We are driven to online banking and digital experiences that fail in delight our customers, put them in control and create a long-term digital relationship.
Key Team

Ms. Diane E. Morais (Pres of Consumer & Commercial Banking Products - Ally Bank)

Mr. Bradley J. Brown (Corp. Treasurer & Interim CFO)

Mr. David J. DeBrunner (VP, Corp. Controller & Chief Accounting Officer)

Sean Leary (Head of Investor Relations and Enterprise FP&A)

Mr. Daniel Soto (Chief Compliance Officer)

Mr. Sathish Muthukrishnan (Chief Information, Data & Digital Officer)

Ms. Andrea C. Brimmer (Chief Marketing & PR Officer)

Recognition and Awards
Ally has been recognized for its leadership in digital banking, innovative products and services, community development, customer service and more. Awards include the American Banker's Best Banks to Work For, the Forbes Best Banks and A+ from the Better Business Bureau.
References
Ally
Leadership team

Mr. Jeffrey J. Brown (CEO & Director)

Mr. Scott A. Stengel (Gen. Counsel)

Mr. Douglas R. Timmerman (Pres of Dealer Financial Services)

Products/ Services
Data Integration, Enterprise Software, Human Resources, Management Information Systems, SaaS
Number of Employees
1,000 - 20,000
Headquarters
Bellevue, Washington, United States
Established
2018
Company Registration
SEC CIK number: 0000040729
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
ALLY
Social Media