Synchrony Financial is a premier consumer financial services company that offers a comprehensive suite of digitally-enabled products across various industries, including digital, health and wellness, retail, telecommunications, home, auto, outdoor, and pet sectors . The company primarily provides credit products through financing programs established with national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers . Synchrony's product offerings include private label, dual, co-brand, and general-purpose credit cards, as well as short- and long-term installment loans and consumer banking products .
- Home & Auto - Offers credit products tailored for home improvement and automotive purchases, working with partners in these sectors to provide financing solutions.
- Digital - Provides credit solutions for digital platforms, enhancing online shopping experiences through partnerships with major e-commerce and digital service providers.
- Diversified & Value - Delivers a range of credit products to partners in various retail sectors, focusing on value-driven consumer segments.
- Health & Wellness - Supplies financing options for healthcare services, collaborating with healthcare providers to offer patients flexible payment plans.
- Lifestyle - Caters to lifestyle-oriented sectors, including outdoor and pet industries, by offering credit products that support consumer purchases in these areas.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Brian D. Doubles ExecutiveBoard | President and CEO | Member of Business Roundtable and Bank Policy Institute | Brian D. Doubles has been President and CEO since April 2021. He joined SYF in 2009 and previously served as CFO and President. He has extensive experience in financial leadership and strategy. | |
Alberto Casellas Executive | EVP, CEO of Health & Wellness Platform | Board Member at Domus Kids | Alberto Casellas has been with SYF since 2014 and became CEO of the Health & Wellness platform in June 2021. He previously led CareCredit and other client initiatives. | |
Bart Schaller Executive | EVP, CEO of Digital Platform | Executive Sponsor of SYF's EnAbled+ Network | Bart Schaller has been with SYF since 2014 and became CEO of the Digital platform in June 2021. He previously served as Chief Marketing Officer and led Business Development. | |
Brian J. Wenzel, Sr. Executive | EVP and CFO | None | Brian J. Wenzel, Sr. has been EVP and CFO since May 2019. He has held various financial leadership roles at SYF and GE, including CFO for the Retail Card platform. | |
Carol Juel Executive | EVP, Chief Technology and Operating Officer | Board Member at Brighthouse Financial; Board Chair at Girls Who Code; Advisory Board Member at UConn School of Engineering; Member of CNBC Technology Executive Council and Fast Company Impact Council | Carol Juel joined SYF in 2014 and became CTO and COO in June 2021. She has led SYF's digital transformation and is recognized as a leader in technology and diversity. | |
Curtis Howse Executive | EVP, CEO of Home & Auto Platform | Member of ABA Card Policy Council; Participant in HBCU Partnership Challenge; Member of Executive Leadership Council | Curtis Howse joined SYF in 2015 and became CEO of the Home & Auto platform in June 2021. He has held leadership roles in Payment Solutions and Direct to Consumer efforts. | |
Jonathan S. Mothner Executive | EVP, Chief Risk and Legal Officer | None | Jonathan S. Mothner joined SYF in 2014 as General Counsel and became Chief Risk and Legal Officer in November 2023. He has extensive legal and compliance experience. | |
Maran Nalluswami Executive | EVP, CEO of Diversified & Value and Lifestyle Platforms | None | Maran Nalluswami joined SYF in 2016 and became CEO of Diversified & Value and Lifestyle platforms in January 2023. He has held leadership roles in Sam's Club and Payment Solutions. | |
Arthur W. Coviello, Jr. Board | Director | Board Member at Tenable Holdings, Oomnitza, Phosphorous Security, and RegScale; Managing Partner at SYN Ventures | Arthur W. Coviello, Jr. joined SYF's Board in November 2015. He is a cybersecurity expert and former CEO of RSA Security. | |
Ellen M. Zane Board | Director | Board Member at Boston Scientific and Haemonetics | Ellen M. Zane joined SYF's Board in February 2019. She is a healthcare executive and former CEO of Tufts Medical Center. | |
Fernando Aguirre Board | Director | Board Member at CVS Health and Barry Callebaut; Owner of Erie SeaWolves and minority owner of Myrtle Beach Pelicans | Fernando Aguirre joined SYF's Board in July 2019. He has extensive leadership experience, including as CEO of Chiquita Brands International. | |
Jeffrey G. Naylor Board | Non-Executive Chair of the Board | Board Member at Dollar Tree and Wayfair | Jeffrey G. Naylor joined SYF's Board in July 2014 and became Non-Executive Chair in April 2023. He has extensive financial expertise and leadership experience. | |
Kamila Chytil Board | Director | COO of DentaQuest LLC | Kamila Chytil joined SYF's Board in April 2022. She has expertise in electronic payments technology and operations. | |
Laurel J. Richie Board | Director | Board Member at Bright Horizons, Hasbro, and SeatGeek | Laurel J. Richie joined SYF's Board in November 2015. She has expertise in marketing, communications, and leadership. | |
P.W. "Bill" Parker Board | Director | Board Member at S&P Global Ratings; Member of nonprofit capital campaign committees | Bill Parker joined SYF's Board in July 2020. He has extensive expertise in risk management and credit. | |
Paget L. Alves Board | Director | Board Member at Assurant, Yum! Brands, Sorenson Communications, and Ariel Alternatives | Paget L. Alves joined SYF's Board in November 2015. He has extensive experience in sales and telecommunications leadership. | |
Roy A. Guthrie Board | Director | Board Member at Mr. Cooper Group and OneMain Holdings | Roy A. Guthrie joined SYF's Board in July 2014. He has extensive experience in consumer finance and risk management. |
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Regarding the CFPB's pending late fee rule change, can you provide a detailed update on the litigation status and how the potential implementation of an $8 late fee safe harbor could impact your financial performance and strategy?
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With the observed moderation in consumer discretionary spending, particularly in categories like furniture, electronics, and cosmetics, how are you adjusting your growth strategy in the Health and Wellness segment to address the slowdown in bigger ticket discretionary purchases?
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You've mentioned the implementation of proactive pricing and policy changes in response to the anticipated late fee rule changes. How confident are you in achieving earnings neutrality through these measures, and can you elaborate on any early indications of customer behavior shifts, such as lower paper statement fee income and customer attrition?
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Given the ongoing challenges in late-stage collections and the evolution of collection rules, how are you adapting your collection strategies to improve recovery rates, and what impact do you anticipate this will have on your credit performance moving forward?
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The guidance for reserve coverage at the end of the year suggests a larger seasonal step-down compared to previous years. Can you explain the factors driving this expectation, and how changes in macroeconomic conditions or consumer payment behavior are influencing your provisioning?
Research analysts who have asked questions during Synchrony Financial earnings calls.
Mihir Bhatia
Bank of America
4 questions for SYF
Moshe Orenbuch
TD Cowen
4 questions for SYF
Ryan Nash
Goldman Sachs & Co.
4 questions for SYF
Sanjay Sakhrani
Keefe, Bruyette & Woods (KBW)
4 questions for SYF
Terry Ma
Barclays
4 questions for SYF
Donald Fandetti
Wells Fargo & Company
3 questions for SYF
Jeffrey Adelson
Morgan Stanley
3 questions for SYF
John Hecht
Jefferies
3 questions for SYF
Richard Shane
JPMorgan Chase & Co.
3 questions for SYF
Erika Najarian
UBS
2 questions for SYF
John Pancari
Evercore ISI
2 questions for SYF
Mark DeVries
Deutsche Bank
2 questions for SYF
Bill Carcache
Wolfe Research, LLC
1 question for SYF
Robert Wildhack
Autonomous Research
1 question for SYF
Rob Wildhack
Autonomous Research
1 question for SYF
Vernon Crowell
Robert W. Baird & Co.
1 question for SYF
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Major financial institution competing for relationships with partners in connection with retaining existing or establishing new consumer credit programs. | |
Major financial institution competing for relationships with partners in connection with retaining existing or establishing new consumer credit programs. | |
Major financial institution competing for relationships with partners in connection with retaining existing or establishing new consumer credit programs. | |
Major financial institution competing for relationships with partners in connection with retaining existing or establishing new consumer credit programs. | |
Major financial institution competing for relationships with partners in connection with retaining existing or establishing new consumer credit programs. | |
Major financial institution competing for relationships with partners in connection with retaining existing or establishing new consumer credit programs. | |
Major financial institution competing for relationships with partners in connection with retaining existing or establishing new consumer credit programs. | |
Non-bank provider of pay-over-time solutions extending consumer credit-like offerings but not facing the same restrictions as banks. | |
Afterpay | Non-bank provider of pay-over-time solutions extending consumer credit-like offerings but not facing the same restrictions as banks. |
Klarna | Non-bank provider of pay-over-time solutions extending consumer credit-like offerings but not facing the same restrictions as banks. |
Larger technology-focused company offering financial products sometimes in collaboration with competitors. | |
Larger technology-focused company offering financial products sometimes in collaboration with competitors. | |
Larger retailer offering financial products sometimes in collaboration with competitors. | |
Larger retailer offering financial products sometimes in collaboration with competitors. | |
Direct banking competitor in the retail deposits business. | |
Direct banking competitor in the retail deposits business. | |
Capital One 360 | Direct banking competitor in the retail deposits business. |
CIT | Direct banking competitor in the retail deposits business. |
Direct banking competitor in the retail deposits business. | |
Discover | Direct banking competitor in the retail deposits business. |
E-Trade | Direct banking competitor in the retail deposits business. |
Marcus by Goldman Sachs | Direct banking competitor in the retail deposits business. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Lowe’s | Multi-year private label credit card and financing solutions | Home & Auto | Contributed more than 10% of total interest and fees on loans for 2023. |
PayPal | Multi-year private label credit card and financing solutions | Digital | Contributed more than 10% of total interest and fees on loans for 2023. |
Sam’s Club | Multi-year private label credit card and financing solutions | Diversified & Value | Contributed more than 10% of total interest and fees on loans for 2023. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Ally Lending | 2024 | Completed on March 1, 2024 for $2.0 billion in cash, this acquisition brought in a point‐of-sale financing business with key assets including loan receivables (adjusted fair value: $1.677 billion), cash, and intangibles, while assuming certain liabilities and recording $252 million in goodwill; the deal strategically expands presence in home improvement and health & wellness sectors. |
Allegro Credit | 2021 | Completed in February 2021, the acquisition aimed to deepen the company’s footprint in the health and wellness market—specifically in audiology and dental services—by integrating Allegro into the CareCredit platform, though specific financial terms were not disclosed. |
Pets Best | 2022 | Limited information is available; Pets Best is noted as part of the Health & Wellness sales platform contributing to higher commission fees, but no details on deal value, structure, or strategic rationale have been provided. |
Recent press releases and 8-K filings for SYF.
- Purchase volume of $46 billion (+2% YoY) and net earnings of $1.1 billion ($2.86/share), with net interest margin up to 15.62%
- Delinquency rates improved (30+ days at 4.39%, 90+ days at 2.12%) and net charge-off rate fell to 5.16%
- Ending loan receivables down 2% to $100 billion, CET1 ratio at 13.7%, and returned $971 million to shareholders, including $861 million in buybacks and a $1 billion incremental authorization
- 2025 guidance: flat ending receivables, loss rate 5.6–5.7%, net revenue $15.0–15.1 billion, NIM ~15.7%, efficiency ratio 33–33.5%
- Net revenue was flat at $3.823 bn, net interest income rose 2% to $4.720 bn, net interest margin expanded to 15.62%, and EPS jumped to $2.86 (+47%) in Q3’25.
- Provision for credit losses declined 28% to $1.146 bn, while net charge-offs improved to 5.16% of average loans, down from 6.06% a year ago.
- Purchase volume grew 2% to $46.0 bn, loan receivables totaled $100.2 bn, and average active accounts were 68.3 mm.
- Common Equity Tier 1 ratio increased to 13.7%, and the Board approved an incremental $1.0 bn share repurchase, leaving $2.1 bn remaining through 2Q ’26.
- For FY 2025, management narrowed net revenue guidance to $15.0–15.1 bn, expects net charge-offs of 5.6–5.7%, and an efficiency ratio of 33.0–33.5%.
- Net earnings of $1.1 billion, or $2.86 per diluted share, up from $789 million, or $1.94 per share in Q3 2024.
- Purchase volume rose 2% to $46.0 billion, while loan receivables decreased 2% to $100.2 billion.
- The Board approved an incremental $1.0 billion share repurchase authorization, bringing total remaining capacity to $2.1 billion through June 30, 2026.
- Key metrics included a 3.6% return on assets, 13.7% CET1 ratio, and $971 million of capital returned to shareholders.
- Synchrony Financial announced its third quarter 2025 results for the period ended September 30, 2025.
- Brian Doubles (CEO) and Brian Wenzel Sr. (CFO) will host a conference call at 8:00 a.m. ET to discuss the results and outlook.
- The Board approved a $1 billion increase to share repurchase authorization, bringing total capacity to $2.1 billion through June 30, 2026.
- The OPEIU and CWA filed complaints with the SEC, NYSE and New York Attorney General alleging Synchrony Financial failed to disclose a material relationship that compromised the independence of Audit Committee chair Paget Alves.
- Alves joined Project Black’s advisory committee in February 2021, and in February 2023 Synchrony made a $100 million co-investment in the fund while she chaired the Audit Committee.
- Synchrony did not disclose these relationships in its 10-Ks or proxy statements, raising concerns under NYSE director independence rules.
- The unions also point to governance risks amid Synchrony’s $3.7 billion healthcare lending business via CareCredit and potential service quality issues at Sorenson Communications.
- Synchrony Financial has acquired Versatile Credit, a provider of consumer-financing software, to enhance its consumer financing technology and accelerate its technology roadmap.
- The deal leverages Versatile’s multi-source financing platform, offering detailed reporting and back-end merchant system integration to boost merchant sales and expand consumer credit availability.
- Synchrony will retain Versatile’s business model and management and expects the acquisition to have minimal impact on earnings per share.
- The acquisition aligns with Synchrony’s focus on innovation across its retail card, payment solutions, and CareCredit segments.
- Synchrony acquires Versatile Credit from PSG; terms undisclosed.
- Versatile Credit offers a consumer-financing software platform connecting merchants, lenders, and consumers through online, in-store, and mobile POS solutions.
- Since PSG’s 2023 investment, Versatile Credit expanded its blue-chip customer base in elective medical, home improvement, and retail sectors and strengthened its leadership team.
- BNPL spending in the U.S. totals nearly $100 billion, though outstanding BNPL debt remains a small fraction of this volume.
- BNPL is replacing credit cards primarily for consumers with mid-prime credit scores and limited open-to-buy on their cards.
- TD Cowen rates Synchrony Financial and Capital One as top picks on the card side, and holds a buy on Affirm among BNPL providers.
- The firm is neutral on American Express, citing sideways spending trends and increased competition in the high-end consumer segment.
- On August 4, 2025, Synchrony entered agreements to acquire Lowe’s commercial co-branded credit card portfolio covering approximately $0.8 billion of loan receivables
- Synchrony will become the issuer of this portfolio and expects to record a reserve of up to $50 million in Q3 2025
- The acquisition’s completion and launch of the commercial co-branded program are expected in the first half of 2026, subject to customary closing conditions
- On July 24, 2025, Synchrony Financial agreed to issue $500 million of 5.019% Fixed-to-Floating Rate Senior Notes due 2029 and $500 million of 6.000% Fixed-to-Floating Rate Senior Notes due 2036 via an underwriting led by BofA Securities, Mizuho Securities USA and Wells Fargo Securities.
- The notes will be governed by the Base Indenture dated August 11, 2014, as supplemented by the Twelfth Supplemental Indenture dated August 2, 2024 and the Fourteenth Supplemental Indenture dated July 29, 2025.
- Delivery of the notes is expected on July 29, 2025, and they will be senior unsecured obligations with no holder call option prior to maturity.
- A legal opinion from Sidley Austin LLP confirms the valid issuance and enforceability of the notes under the Indenture.