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The company was formerly known as GE Money Bank and changed its name to GE Capital Retail Bank in October 2011. GE Capital Retail Bank operated as a subsidiary of General Electric Capital Corporation. [61] GE Capital Retail Bank acquired MetLife Bank from MetLife in 2011. [62] As of June 2, 2014, GE Capital Retail Bank is now known as Synchrony ...
Synchrony Financial is an American consumer financial services company with its headquarters in Stamford, Connecticut, United States. [2] The company offers consumer financing products, including credit, promotional financing and loyalty programs, installment lending to industries, and FDIC-insured consumer savings products, through Synchrony Bank, its wholly owned online bank subsidiary.
Synchrony was originally owned by GE Capital Retail Bank, and as such fell under the GE umbrella. However, a few years ago, Synchrony Bank was moved over to Synchrony Financial, a financial ...
In July 2014 GE Capital led Synchrony, a new independent company, which was now the largest private-label credit card provider in the US. [5] With the launch of Synchrony Keane became one of only two women CEOs running US-owned, independent, publicly traded banks valued at over $10 billion.
A spinoff of the lending arm of the shuttered GE Capital Retail Bank, Synchrony already offers a credit card for Walgreens and Walmart sister company Sam’s Club, and specializes in retail credit ...
The following year, CEO Welch took issue with reclassification of GE in the Fortune 500 as a "diversified financial services company" rather than an "electrical equipment company", and by 2005 many had noted that the price-earnings ratios of the financial services sector were lower than that for GE. [30] In 2014, GE Capital (the company's major ...
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The settlement stated that while operating as GE Capital Retail Bank, Synchrony had engaged in “discriminatory credit card practices.” [20] According to USA Today, “The bank said it discontinued such sales practices in 2012 and has already refunded more than $11 million in fees as a result of its own review.”