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.
CEOs on the hot seat. Banks fighting to stay independent. Comfortable players ripe for disruption from Amazon and others. It is shaping up as a riveting year.
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.
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After the retail giant filed an $800 million lawsuit against its former credit card partner, shares in Synchrony plunged. Now analysts fear its relationship with Sam’s Club may be in jeopardy.
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.
