But the big hit came from setting aside $903 million for credit loan loss provisions in anticipation of an impact from the coronavirus pandemic.
Revenue was $1.41 billion for the quarter, down 12% from a year ago. Its earnings per share was negative $0.85, down from $0.92 per share the prior year. The first quarter was brutal for Ally as the company suffered a net loss of $319 million, down from a net profit of $374 million for the first quarter of 2019. The company rebranded as Ally Financial in 2010 and went public in 2014. It soon expanded its services into car insurance, mortgage lending, and banking. It was the former GMAC, or General Motors Acceptance Corp., which started as an auto financing company launched by General Motors. Ally Financial is the nation's 17th largest bank with about $170 billion in assets. Deal or no deal?įirst, a little background on this company is needed. While Ally hasn't fared any better than its peers through the crisis (its stock is down about 36% year to date), there are still some good reasons to consider adding it to your portfolio. One of them is Ally Financial ( ALLY 2.74%). The outlook for banks is pretty "interesting" too, given the state of the economy.īut there are definitely some silver linings in the passing clouds if you know where to look. You certainly don't have to tell investors in bank stocks how "interesting" these times have been, as bank stocks are down about 36% through the first two quarters of 2020. The company will make efforts to continue to hire in Seminole County in addition to opening its new space in Orange County, located at 9200 Southpark Center Loop in Orlando.These are interesting times, which is not always a good thing. Lorenz, President of Seminole State College of Florida. Their continued growth will provide excellent employment opportunities for our region.” said Dr. We are pleased that we are able to assist CardWorks as they continue to expand operations. “Supporting Central Florida businesses with qualified training of employees through the Quick Response Training Grant program is one of Seminole State’s strengths. “Congratulations to CardWorks for surpassing the number of projected hires at its Lake Mary location and doubling that number for its newest expansion in Orlando.” The region’s diverse, multi-lingual workforce and reputation for highly trained customer service professionals continues to provide a positive business climate for companies like CardWorks looking to continue to grow.” said Orlando Economic Partnership President & CEO Tim Giuliani. “We are thrilled CardWorks has chosen to expand once again in the Orlando region. The Orlando Economic Partnership assisted with the site selection process by identifying space available in the market as well as support for a Quick Response Training grant through Seminole State College and connected the company with Orange County. We are pleased to add another key piece to our financial tech industry,” said Orange County Mayor Jerry L. They are creating more than 500 new jobs for the region and plan to hire more skilled workers within the next five years. “Orange County is proud to support CardWorks’ expansion. We’re really excited about our growth and our continued relationship with the Orlando community,” said Don Berman, Founder, Chairman, & CEO of CardWorks. By having two facilities along the I-4 corridor, we’re able to reach a broader hiring pool of incredible talent across the greater Orlando area who will help us continue to progress as an industry leader. “With an ever-growing job market, we knew that Central Florida was the perfect place to open our next office. Now with over 300 jobs, the company continues to expand and anticipates a further commitment to Orlando with its new operations facility.
The company will build a new, 60,000-square-foot facility that is intended to provide more than 500 new jobs over the next three years.ĬardWorks opened its first Florida location in Lake Mary in the summer of 2017 with the intent of adding 250 jobs over three years. What Should High-Growth Companies Look for in a Community?ĬardWorks Servicing, one of North America’s largest privately-held providers of end-to-end support services for both credit card and installment loan products, is increasing its footprint in Orlando, Florida.How CFOs Should Address Trade Questions - ASAP.Artificial Intelligence: A Game-Changer for Corporate Space.Are Your Employees Ready to Work with Robots?.
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