Ally Financial’s newly elected CEO Jeffrey Brown is planning to build the group’s retail banking businesses after years of upheaval.
In an interview to The Wall Street Journal, Brown said, "We have incredible franchises that are not being utilized today. We’re going to extract more out of them."
Brown intends to push further into areas of auto financing, including subprime loans.
He also said that he intends to revive Ally, which dealt with three government bailouts totaling $17.2bn billion.
Ally has now sold its international operations, and placed its mortgage subsidiary into bankruptcy. The firm went public in April, and in December the Treasury Department has shed its final stake.
The CEO further stated that he has reached out to officials at Ally’s former parent company General Motors.
Brown said that the bank is looking into mortgages, credit cards and home-equity loans, and in the future may deliver wealth-management and advisory businesses.