finance department

Ally Financial names Michael Rhodes as CEO

With more than two decades of experience in consumer banking, Rhodes poised to lead Ally into the next stage of its evolution

CHARLOTTE, NC, March 27, 2024 /PRNewswire/ — Ally Financial Inc. (NYSE: ALLY) announced today that Michael G. Rhodes will be its new Chief Executive Officer, starting at the company on April 29, 2024. He will also be appointed as a member of Ally’s board of directors at that time.

“I have long admired Ally’s transformational approach to digital banking and its leading position in automotive finance. The bank has successfully harnessed the power of technology to

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Retail sales topped Wall Street estimates in March

by Isna

Retail sales topped Wall Street analysts’ expectations in March as consumers continued to spend despite a higher interest rate environment.

Retail sales for the month increased 0.7% from the previous month, according to Census Bureau data. Economists had expected a 0.4% increase in spending, according to Bloomberg data. Meanwhile retail sales in February were revised up to an increase of 0.9%, from a prior reading of 0.6%.

This is the second consecutive monthly uptick in retail sales, suggesting January’s surprise 1.1% decline was more an aberration than a trend.

March sales, excluding auto and gas, increased by 1%, above consensus

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