Ally Financial shares slump after exec flags credit challenges

Ally Financial

10/09/2024 18:58

** 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;))