Ally Financial, the lender formerly known as GMAC, is stripped down and posting hundreds of job openings after a major retooling precipitated by the crisis.
The Detroit-based firm, which became a stand-alone bank in late 2008, is angling for a bigger share of the auto finance market and has a new online banking platform offering checking accounts and a range of CD products. The firm is slowly building out both units in advance of a hoped for initial public offering next year, according to Ally spokeswoman Gina Proia.
"Over the past few years, there's been a number of changes, not the least of which has been transitioning from a captive organization to a market-driven organization," Proia said. "In short, we're continuing to add the talent and capability where we need it."
Like many of the Detroit-built cars that it financed over the years, Ally used to be much bigger and less efficient. In 2009, it trimmed 17% of its workforce as it sold some units in Europe and laid off employees in the U.S.
At the end of 2009, Ally had 18,800 employees.
The bank declined to provide a more recent headcount; however, there were 214 jobs openings listed on its Web site this week, including 25 postings in risk management and a number of financial analyst positions in Detroit.
"It's more just an effort to streamline overall and look at ways to be more efficient," Proia said. "It's about focusing on our key markets and our key lines of business."
The company is trying to gain market share with car dealers that sell its financing to customers. It also hopes to gain market share among young car-buyers.
Ally has been boosted by resurgent auto sales. In the most recent quarter, it lent $8.3 billion to U.S. car-buyers, a 48% increase over the year-earlier period. And the firm recently inked agreements to provide financing for U.S. Fiat sales and Chrysler dealers buying vehicles wholesale.
Ally returned to the unsecured bond market in February and sold almost $1 billion in asset-backed debt last month. The company hopes to sell shares to the public next year in order to repay roughly $17 billion in federal bailout money.
GM, however, recently bought AmeriCredit Corp., effectively giving it an in-house financing option. Ally financed a little more than one-third of GM vehicle sales in recent months.