Deal: Ally sells $2.3 billion credit card business to CardWorks

Ally Financial has sold its credit card business to credit card service provider Cardworks for an undisclosed amount, the bank announced today. The sale of the card business is part of Arai’s plan to achieve mid-teens profitability, Chief Executive Officer Michael Rose said today on the bank’s earnings call, and Arai plans to sell new homes. It added that it would end loan origination (…)