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Ally cardworks
Ally cardworks











  • Ally did a deal with Better Mortgage in 2019, making it one of the first forward-looking banks to bet on mortgage.
  • We’d expect more deals and innovation to come.
  • Ally has taken bold steps post spin-out of GM to transform into a full-service services firm.
  • “Evolution to be a full-service financial provider for our customers.”.
  • The deal will take 12 to 15 months to close, but it is an expensive loss for Steel Partners-backed WebBank.
  • Challenger Bank – LendingClub can say they are already delivering the promise of challenger banks today.
  • #Ally cardworks full#

  • Owning the Customer – LendingClub can deliver a full suite of services.
  • Originating via Radius Bank charter will reduce fees to WebBank substantially.
  • Faster than applying for a charter and comes with deposits.
  • Funding costs & diversity – shift to deposits.
  • Will dramatically enhance the resilience and earnings trajectory of our business.
  • A digitally native marketplace bank at scale with the power to deliver an integrated customer experience, enabling consumers to both pay less when borrowing and earn more when saving.
  • MS has been descended from the HNW to retail before the acquisition of Discover Financial (since sold) or discount brokerage Dean Witter are good examples.
  • GS Marcus, by contrast, is now an outlier on M&A, BAC, JPM, and all other banks have done transformative deals post criss (see WSJ for more).
  • MS has carved out a starkly different approach (see $1 Bn acquisition of Solaris).
  • A gutsy and transformative deal, the largest such deal since the 2008 crisis, representing 15% of MS’s market cap.
  • ROE – the giveaway here is “balance sheet light”.
  • ally cardworks

  • Higher NIM/cheap deposits – $56 Bn(!!) in deposits.
  • Future-Proofing – Diversifies from high-touch full-service HNW advisory, to a bet on the continued rise of digitally savvy self-service consumers.
  • Growth – The storied white-shoe firm, is moving downmarket to acquire digitally-oriented retail customers.
  • Combination increases Wealth Management scale, fills product and service gaps through complementary offerings, and enhances digital capabilities positions Morgan Stanley as a top player across all three channels: Financial Advisory, Workplace, and Self-Directed.
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  • Combined platforms will have $3.1 Tn client assets, 8.2MM retail client relationships and accounts, and 4.6 MM stock plan participants.
  • Accelerates Morgan Stanley’s transition to a more balance sheet light business mix and more durable sources of revenue.
  • Drop us a note – we’d love to catch up and introduce you to our recent sales hire, Elena Korneeva. PeerIQ will be attending SFIG Vegas this Sunday through Wednesday. What a week! Three major M&A deals that are re-shaping the consumer finance and FinTech sector.











    Ally cardworks