Credit Cards Get Stress Test Spotlight With Losses Hitting 40% [BNN Bloomberg (Canada)]
Ally Financial Inc. (ALLY)
Last ally financial inc. earnings: 4/20 07:30 am
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Source: BNN Bloomberg
Ally Financial Inc.'s card portfolio fared the worst under the hypothetical recession with a projected loss rate topping 40%. Among the other firms with heavy theoretical losses were credit-card giant Capital One Financial Corp. and a Wall Street titan looking to get out of the game: Goldman Sachs Group Inc. For the second year in a row, Goldman was projected to lose about a quarter of its credit-card book in the Fed's downturn scenario. It's the latest signal of the lingering consequences of the firm's now-aborted foray into consumer banking in recent years, as well as a porthole into the quality of its total card portfolio. Goldman shares fell as much as 2.9% Thursday after the Fed said its common equity tier 1 capital ratio fell to 8.5% in this year's test, from 14.4% at year-end. While still well above its required minimum, that marked the biggest percentage-point drop among the megabanks and was worse than last year's result. The annual assessment drives shareholder payout
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ALLY
Earnings
- 4/19/24 - Beat
ALLY
Sec Filings
- 6/25/24 - Form 424B2
- 6/24/24 - Form 424B2
- 6/17/24 - Form 424B2
- ALLY's page on the SEC website