Detroit, Michigan-based Ally Financial, a bank holding company providing financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and other related financing services such as installment sale and lease agreements, has announced a restructuring. The layoffs will affect less than 5% of its workforce.
Approximately 550 employees were impacted by the company's decision.
According to a company spokesperson, “We announced today that we will be exiting the mortgage origination business and looking at strategic alternatives for our credit card business in the first quarter of this year. As we continue to right-size our company, we made the difficult decision to selectively reduce our workforce in some areas while continuing to hire in the other areas of our business. The job cuts are not specific to certain departments or locations. We remain confident in our long-term strategy and our ability to deliver compelling returns given the strong underlying trends in our core businesses. We’ll continue to be diligent in our expense management going forward.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something terrible hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall, why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?