Ally, Synchrony, Discover, Sallie Mae and Navient are the other lenders the ratings firm downgraded, citing the impact that the coronavirus crisis is having on their revenues and profits.
Discover is the latest card lender to say it's reining in credit lines as the coronavirus pandemic leaves millions of Americans jobless and struggling to keep up on loans.
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.
The credit card lender responded to the closing of Toys R Us stores last year by issuing Synchrony-branded cards to the retailer's customers. Now it's testing a general-purpose card with a wider array of clients.
Venmo’s P2P social payment app has become a major part of PayPal’s retail strategy, a play that’s getting a boost from a Synchrony co-branded credit card.
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.
"Truist" was roundly mocked when it was unveiled as the name of the merging BB&T and SunTrust, but it’s hardly the first bank moniker to elicit a "huh?" from critics.
A year after it debuted, Bank of America's virtual assistant now counts some 150,000 users per week. It's one of the only large institutions pushing such technology.
