Synchrony

As Mastercard Installments nears launch, the card network is lining up tech partners to connect issuers to its buy now/pay later ecosystem.

Carol Juel, the bank's tech and operations chief, is pushing the use of agile concepts across the organization. Here's how her efforts are paying off in developing new products, speeding up team meetings and even helping employees schedule their kids' activities.

The credit card issuer’s move will increase the pay of more than 5,000 employees. Numerous banks have recently raised their minimum wages in a competitive labor market.

Brian Doubles, who became the card issuer’s chief executive in April, also expressed optimism that pent-up consumer demand will spur renewed spending this year.

The store-branded credit card issuer is expanding from three sales divisions to five, a move that CEO Brian Doubles says will help by “aligning our organization for faster growth and execution.”

Warren Buffett’s Berkshire Hathaway exited a bet on Synchrony Financial during the first quarter as the company continued to pare back its investments in financial firms.

Gap and Synchrony Financial are parting ways after they couldn’t reach an agreement to renew their longstanding card partnership.

Like other card issuers, the Stamford, Conn., company expects current trends — soft loan demand but strong credit quality — to reverse later this year as the economy emerges from the pandemic-induced recession.

The Stamford, Conn., company is acquiring Allegro, a California lender that finances the purchase of hearing aids and other health-related products or services. It’s aiming to capitalize on the rising popularity of point-of-sale lending and a need for more financing options in health care — especially as more Americans turn to high-deductible plans.

Synchrony wasn’t unscathed by the pandemic — consumer spending slowed during the first half of the year — but its mix of private-label and cobranded cards for everyday items suffered far less than other issuers' cards that emphasized luxury and travel.