12:27 PM EST, 01/08/2025 (MT Newswires) -- Ally Financial ( ALLY ) will be exiting the mortgage origination business and is looking at strategic alternatives for its credit card business in Q1, the company confirmed to MT Newswires Tuesday.

The company is also looking to shed some of its workforce. The job cuts would affect less than 5% of the company's workforce of 11,000.

"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 our other areas of our business," Ally spokesperson Peter Gilchrist told MT Newswires.

Bloomberg reported the story earlier.

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