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.
Margaret Keane discussed Synchrony's investments in technology, including how the card issuer plans to use customer data to help retailers create targeted ads, during an appearance Tuesday in New York,
The Stamford, Conn.-based company reported 9% growth in net interest income and 14% growth in loan receivables during the third quarter, attributing the improvements to addition of the PayPal Credit portfolio in early July.
The Stamford, Conn., issuer of store credit cards has two potential options after the retail giant chose to partner with Capital One. But the decision over which path to take is out of its hands.
Synchrony ultimately bought $7.6 billion of loan receivables, including $800 million in loan participations that had not been part of the original deal.
The Stamford, Conn.-based credit card issuer saw improvement in late payments by its customers, but the pace of loan growth also slowed during the fourth quarter.
The deal for PayPal’s consumer loan portfolio will make Synchrony a bigger player in e-commerce. And the agreement helps the Silicon Valley payments giant achieve its goal of reducing its exposure to the credit cycle.
The store-branded credit card issuer reported that more borrowers fell behind on their payments in the third quarter. Still, net earnings were stronger than expected.
Synchrony Financial and Alliance Data Systems are particularly vulnerable to recent shifts in Americans’ shopping habits, according to new research from Moody’s Investors Service.
Wall Street is whining about a New York City law meant to close the gender pay gap; CEOs vow action on diversity; and could a female college football player be an NFL first?
