Ally Financial shares slump after exec flags credit challenges
** Shares of Ally Financial ALLY.N down 18% at $32.5
** ALLY's CFO Russell Hutchinson in an industry conference
says that credit challenges have intensified over the current
quarter as borrowers struggled with high inflation
** "Our borrower is struggling with high inflation and cost
of living, and now more recently, a weakening employment
picture" - Hutchinson
** Including session's move, stock is down ~7% YTD
(Reporting by Jaiveer Singh Shekhawat in Bengaluru)
((JaiveerSingh.Shekhawat@thomsonreuters.com;))
Recent news on Ally Financial
See all newsBrief: Sunraycer Renewables Closes $901 Million Project Financing Facility With Mufg Bank, Ltd., Ally Bank, Nomura Securities International, Inc., Norddeutsche Landesbank Girozentrale, And Societe Generale
Brief: Ally Announces Redemption Of Its Series B Preferred Stock
Ally Financial Q1 adjusted revenue, profit beat estimates
Brief: Ally Financial Q1 Adjusted EPS USD 1.11 Vs. IBES Estimate USD 0.93
U.S. RESEARCH ROUNDUP-Carpenter Technology, IBM, Ulta Beauty