The new policy will allow the company to close some work sites and reduce the size of others. It’s part of a broader effort to cut expenses to help offset revenue declines brought on by the coronavirus pandemic.
The CEOs of the credit card lenders Discover and Synchrony are urging Congress to come through with another round of government stimulus so that struggling households can continue paying their bills.
The lender behind the credit cards for Gap, J.C. Penney and other retailers took a large provision for loan losses and abandoned full-year earnings guidance as the nationwide shutdowns tied to the coronavirus pandemic have led to a sharp decline in spending on its cards.
After rising between 2016 and 2018, the card issuer's charge-off rates are now steady. The trend reflects both the impact of tighter underwriting standards and the continued resilience of U.S. consumers.
There’s currently a focus on investing in technology and data to remain competitive, but financial firms also need to ensure they are helping workers adapt, argues Synchrony’s Margaret Keane.
The bank and card program provider is starting to use AI in many areas, but it's also trying to build paths forward for employees whose jobs will be affected.
In selling its Walmart credit card portfolio to Capital One and extending a partnership with Sam’s Club that appeared to be in peril, Synchrony Financial avoids an expensive legal battle with the world’s largest retailer.
The accounts — which eschew paper checks and overdraft protection — appeal beyond the low-income customers they were intended for; lenders are embracing artificial intelligence systems to analyze more data to determine creditworthiness.
Amid negotiations with Synchrony Financial over the potential purchase of a $10 billion portfolio, Capital One's Richard Fairbank indicated Wednesday that he is willing to walk away.
