Ally Financial

A sale would mark a swift retreat from the intensely competitive credit card business, where Ally competes with giant players such as Capital One.

Morais, the former president of consumer and commercial banking at Ally, reflects on the lessons learned in her more than three-decade career.

The Detroit company's charge-offs on consumer auto loans rose sharply last quarter. Its CEO said he's confident losses will decline, but the next few quarters "will be choppy."

A top executive at the auto lender said that more borrowers struggled to repay their loans over the summer amid inflation and a tougher job market. Late payments on auto loans rose by more than Ally expected in July and August.

The Detroit-based auto lender has been dealing with an imbalance in deposit costs and loan yield since rates rapidly rose. Now, the bank's fixed-rate loans from before are maturing.

The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.

JPMorgan Chase's board has announced the slate of candidates to replace Jamie Dimon if he ever retires. The bank is just one of several large institutions that have recently decided on who will take over the top job.

Some online banks that offer high-yield savings accounts are making those products a little less high-yielding. Banks are also shortening the duration of new CDs, hoping that anticipated rate cuts by the Fed will enable them to start paying less to consumers.

Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.

Investors drove up the stock prices of both companies after Ally Financial said it's selling its point-of-sale lending business to Synchrony Financial. The deal is expected to help Ally focus on its bread-and-butter auto lending business, while also aiding Synchrony's efforts to gain market share.