Ally looks to tech industry layoffs for potential hires

Ally Financial is looking to capitalize on recent layoffs of tech talent to grow its own digital platforms despite potential economic turbulence to come this year. WHY IT MATTERS: The $191 billion bank plans to survey the workers being laid off at tech-driven companies and see who available, as major tech companies such as Amazon , Plaid , and Stripe have all cut their workforces , Chief Executive Officer Jeffrey Brown said during today’s earnings call. [caption id="attachment_185553" align="alignright" width="300"] Image via Ally [/caption] “With respect to the technology space, and cyberspace, things like that, we think these are areas where you have to constantly invest in,” Brown said. “We think it's kind of interesting what's going on in the world of technology, [with] more layoff announcements throughout this week or this morning. And that may provide us an opportunity to bring in incremental talent.” THE BIG PICTURE: The Detroit-based bank’s noninterest expense of $1.2 billion was up 10% year over year, largely directed by “investments in our growing businesses and in technology,” Chief Financial Officer Bradley Brown said during the call. BY THE NUMBERS: Ally Financial reported for Q4: Net income fell by 57% YoY to $278 million; and Total net revenue grew by 9% sequentially to $2.2 billion but was flat YoY. STATE OF PLAY: Like Goldman Sachs , the executives acknowledged the potential of a rocky 2023 as a recession looms, with Bradley Brown saying the company expects it to be a “very dynamic [year]” and that Ally is “focusing on what it can control” in the year ahead. THE BOTTOM LINE: Ally Bank reported that it had 4 million customers by the end of 2022, a 5% increase since the end of 2021 and will continue making investments in technology in order to facilitate enhanced customer experiences, Bradley Brown said during the call. “We continue to drive the scale and diversification across our digital bank platforms,” he said. “As we've evolved, expanded, and enhanced our digital capabilities, our consumer lending products are resonating.” [stock_market_widget type="inline" template="generic" assets="ALLY" markup="Shares of {name} ({symbol}) are trading at {price} ({change_pct}) as of {last_update}" api="yf"]. Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home" href="https://bankautomationsummit.com/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Home&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1673636584390.1673642239848.712&__hssc=41615677.3.1673642239848&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link Learn more">Learn more and <a class="fui-Link ___m14voj0 f3rmtva f1ern45e f1deefiw f1n71otn f1q5o8ev f1h8hb77 f1vxd6vx f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f9n3di6 f1ids18y fygtlnl f1deo86v f12x56k7 f1iescvh ftqa4ok f50u1b5 fs3pq8b f1hghxdh f1tymzes f1x7u7e9 f1cmlufx f10aw75t fsle3fq" tabindex="-1" title="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register" href="https://bankautomationsummit.com/register/?utm_source=Editorial&utm_medium=BAN_Site&utm_campaign=Editorial&utm_content=Register&__hstc=41615677.3fe700e68891f0bfd867036c89aa2d86.1650376353803.1673636584390.1673642239848.712&__hssc=41615677.3.1673642239848&__hsfp=2478973190" target="_blank" rel="noopener noreferrer" aria-label="Link register for Bank Automation Summit US 2023">register for Bank Automation Summit US 2023 .

Ally looks to tech industry layoffs for potential hires

Expenses related to tech investment were up 10% YoY to $1.2B

Huntington prioritizes tech initiatives in Q4

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Ally looks to tech industry layoffs for potential hires

Expenses related to tech investment were up 10% YoY to $1.2B

Huntington prioritizes tech initiatives in Q4

Microsoft Invests $10 Billion in ChatGPT Maker OpenAI

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