How bad are Trump’s tariffs for Ally? Is this pretty much a guarantee more layoffs are on the horizon?
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Those are two different questions. No, I don't think the tariffs will have much impact with Ally since they do a lot with the used car market. It might negatively impact deposits by people having to spend more and not having much left over. And yes, I do think there are more layoffs in the future. It's bloated on the director+ level with prior layoffs mainly hitting Senior Analyst and below.
Totally love all the sarcasm when the OP was asking a genuine question
With the tariffs cutting the new car market down, and the reduced oversight from the now defunct CFPB, Ally will be expanding in no time. Expect to see all the laid off workers rehire pd and future layoffs cancelled! /s
Ally’s book had shifted to used cars over the last 10-15 years. From a tariff perspective, the used market should be largely insulated from that since cars are already in the U.S. I don’t think it’s a huge thing for Ally. It will hit GM, Toyota, Stellantis and OEMs worse.