GE Financial Synchrony Separation on Track

GE Financial's separation of Synchrony is moving forward as planned, with the company expecting to complete the deal by the end of 2020. The separation is a key part of GE's broader strategy to focus on its core industrial businesses.

Synchrony will become an independent company, with its shares listed on the New York Stock Exchange. This will give investors a separate way to invest in the company's credit card and consumer finance business.

The separation is expected to be a significant step forward for both GE and Synchrony, allowing each company to focus on its own growth and development.

Synchrony Financial is one of the nation's premier consumer financial services companies.

Synchrony Financial was previously a part of General Electric Company, but in 2015, it became a stand-alone company.

Synchrony Financial is listed on the NYSE under the ticker symbol SYF.

Synchrony Financial has a long history, with roots in consumer finance dating back to 1932.

The company offers a range of credit products, including private label credit cards, promotional financing, and installment lending.

Synchrony Financial has over 300,000 locations across the United States and Canada where customers can access their credit products.

In 2025, Synchrony Financial's Chief Financial Officer, Brian J. Wenzel, participated in a fireside chat.

Synchrony Financial announced its fourth quarter 2024 results in January 2025, with the period ending December 31, 2024.

Synchrony Financial is the newest member of the S&P 500, added after the close of trading on November 17, 2015.

Synchrony Bank, formerly GE Capital Retail Bank, has resolved two previously disclosed inquiries with the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ).

The Bank identified an issue related to the omission of certain delinquent cardholders from collections offers and promptly reported it to the CFPB, resulting in $11 million of payments or credits on active accounts and $158 million of waivers or credits on closed and written-off accounts.

The CFPB recognized the Bank's response as "responsible business conduct", including self-identification of the matter, prompt reporting, and full cooperation with regulators.

Synchrony Financial is on track to complete its separation from General Electric before the end of this year, with a team from the Federal Reserve reviewing the company's application for a split-off from GE.

The separation could put downward pressure on Synchrony's stock price, but the company plans to pursue growth more aggressively once the GE separation is complete.

Synchrony Bank has resolved two previously disclosed inquiries with the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ).

The Bank identified an issue related to the omission of certain delinquent cardholders with Puerto Rico addresses or Spanish-preferred indicators on their accounts from two collections offers.

The issue was promptly reported to the CFPB and remediation resulted in $11 million of payments or credits on active accounts, all but $2 million of which has already been paid.

The Bank will also provide $158 million of waivers or credits on closed and written-off accounts.

The CFPB recognized the Bank's response to this matter as "responsible business conduct", including self-identification, prompt reporting, and full cooperation with regulators.

The Bank's settlement also covers telesales of debt cancellation products from January 2010 to October 2012, and it will refund an additional $32 million in fees.

The Bank had already refunded more than $11 million in fees after its own internal review.

As part of the CFPB agreement, the Bank will pay civil penalties of $3.5 million.

The name change from GE Capital Retail Bank to Synchrony Bank occurred on June 2, 2014, and is currently in process, with a transition expected to take a few months.

Synchrony Financial is on track to complete its separation from General Electric before the end of this year.

The company's CEO, Margaret Keane, mentioned that a team from the Federal Reserve has been reviewing their application for a split-off from GE.

Synchrony Financial is a $76 billion-asset credit card issuer that held an initial public offering in July 2014.

The company remains 85% owned by General Electric even after last year's IPO.

Margaret Keane believes that the company's separation from GE will allow them to pursue growth more aggressively.

Synchrony Financial specializes in store-branded credit cards and plans to pursue more partnership deals with merchants after the separation.

The company's stock price may be affected by the separation, with some analysts believing the effects are already being priced in.

Synchrony Financial's stock debuted at $23 and rose as high as $35.99 before falling to $30.88 when the market closed on Wednesday.

The company has appointed four new nonvoting observers to its board of directors in preparation for the separation.

These new appointees are Paget Alves, Art Coviello, Will Graylin, and Laurel Richie, who will eventually take the place of GE executives on the board.