Ally Bank · Midvale, UT United States
Company Description
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This link will open in a new window Ally Bank has an ally in GMAC . Formerly known as GMAC Bank, Ally Bank offers savings and money market accounts, as well as traditional and no-penalty CDs. Unlike standard banks, Ally does not offer loans or checking accounts (but its money market accounts have withdrawal features that are similar to checking accounts). The bank offers its services online; it operates no physical branch locations. As a subsidiary of GMAC (which is now partially owned by the US government), the bank was revamped and renamed in 2009 in the midst of GM's very public financial difficulties. Predecessor GMAC Bank had been in operation since 2001. To read the full description, subscribe now.
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Key Ally Bank Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $1,995.7 |
| Employees | 42 |
Ally Bank Executives
5 executives listed for Ally Bank's Midvale, UT location.
| Title | Name & Bio | Contact |
| President and CEO | Mark Hales | Network |
| Corporate Treasurer, GMAC Financial Services | Jeffrey Brown | Network |
| Chief Marketing Officer, GMAC Financial Services | Sanjay Gupta | Network |
Competition
Competitive Landscape for Ally Bank
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Ally Bank Competitors
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