Ally Financial to cut hundreds of jobs companywide, Charlotte Observer reports

Ally Financial (ALLY) plans to cut hundreds of jobs companywide, bank spokesman Peter Gilchrist confirmed in a statement to The Charlotte Observer, Catherine Muccigrosso reports. The layoffs will impact less than 5% of the workforce, Gilchrist said. In a statement, Gilchrist said Ally is looking to “right-size” the company and that Ally is reducing its workforce in some areas but is hiring in other areas of the business, and that the job cuts are not specific to certain departments or locations. “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,” Gilchrist said.