Ally Financial

Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company headquartered in Detroit, Michigan. Founded in 1919 as General Motors Acceptance Corporation (GMAC), Ally has evolved from its roots in auto financing to become a diversified financial services provider.

Ally offers a wide range of products and services, including:

• Online banking services (deposits, checking, savings accounts)

• Auto financing and leasing

• Mortgage lending

• Point-of-sale personal lending

• Credit card products

• Securities brokerage and investment advisory services

• Corporate finance for equity sponsors and middle-market companies

• Insurance offerings

As of December 2023, Ally had USD 186.1 billion in assets, ranking it as the 21st largest bank in the US. The company serves over 11 million customers through its all-digital banking platform and has no physical branch locations. Ally operates through several business segments including Banking, Dealer Financial Services, Home, Investing, Corporate Finance, and Ally Lending.

In recent years, Ally has focused on expanding beyond its traditional auto lending business. The company acquired online brokerage TradeKing in 2016 to form Ally Invest, its wealth management arm. In late 2021, Ally purchased subprime credit card company Fair Square Financial to enter the credit card market. The company has also expanded its presence in NASCAR, becoming the official bank of the racing series in February 2023. As of January 2024, Ally reported having 2.8 million bank depositors and USD 138 billion in retail deposit balances.