The San Francisco company, which has racked up big losses over the last two and a half years, signaled Tuesday that it is on a path to profitability after resolving a series of longstanding regulatory problems.
JPMorgan Chase and Wells Fargo detailed aggressive marketing plans, defended their credit judgments and downplayed the threat of a retailer revolt over high fees on rewards cards.
The Atlanta-based consumer lender, which partners with both retailers and banks, cited a higher-than-expected cost of funds as one reason for its less rosy forecast.
Synchrony CEO Margaret Keane says plastic cards will be gone in five years; David Tyrie is succeeding the high-profile Michelle Moore as BofA's digital chief; Fed outlines a new approach for its post-crisis supervisory program; and more from this week's most-read stories.
The Dallas subprime auto lender seems to be reaching the bottom of its lingering supply of accounting issues, yet its origination of more loans through Fiat Chrysler underlined questions about the future of its relationship with the big carmaker.
From Democrats winning control of Congress to an escalating trade war and technology companies applying for a fintech charter, there are plenty of scary prospects facing the industry.
Personal loans are "tricky to underwrite" because consumer credit scores are high at the time of origination and then drift downward, says Roger Hochschild, who recently took over as the head of Discover Financial Services.
