Finance
Ally Drops After CFO Flags Consumer Stress, Underperformance
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Ally Financial Inc. fell after Chief Financial Officer Russ Hutchinson highlighted intensifying credit deterioration among its borrowers and said the auto-lender may experience some underperformance.
Borrowers have shown signs of vulnerability throughout the year and August US jobs data underscored those stresses, according to Hutchinson. The pain is mostly linked to the firm’s retail auto loan book, he said at a Barclays Plc conference.