Finance
Ally to End Mortgage Originations, Cut Jobs Across Company
- Workforce reductions to affect less than 5% of employees
- ‘We remain confident in our long-term strategy,’ company says
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Ally Financial Inc. will cut jobs, end mortgage originations and consider strategic alternatives for its credit-card business as borrowers have struggled to pay down costly debt.
The Detroit-based company will cut less than 5% of its workforce, an Ally spokesperson said in an email to Bloomberg News. The firm had about 11,100 employees as of the end of 2023, with a significant portion of its workforce in Charlotte, North Carolina.