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• Capital One for store credit cards and retail financing.

• The bank behind many store-branded credit cards, similar to how American Express issues its own credit cards, but Synchrony does it specifically *for* other retailers like Lowe's or Gap.

• A much larger, traditional version of Affirm or Klarna, specializing in point-of-sale credit and installment loans for major retailers.

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• Private Label Credit Cards: Store-branded credit cards issued in partnership with retailers, providing customers with financing options specifically for purchases at those stores.
• Co-branded Credit Cards: General purpose credit cards issued in partnership with retailers or other entities, offering rewards and benefits tied to the partner while being accepted more broadly.
• Installment Loans: Financing solutions for larger purchases across various sectors like healthcare, home improvement, and automotive, allowing customers to pay over a fixed period.
• Savings Products: High-yield savings accounts, money market accounts, and certificates of deposit (CDs) offered directly to consumers to fund its lending activities.

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Synchrony Financial (SYF) Major Customers

Synchrony Financial (SYF) primarily sells its financial products and services to other companies, which then offer these credit solutions (such as private label credit cards, co-branded credit cards, and installment loans) to their own customers. These customer companies include national retailers, healthcare providers, and automotive service providers.

Major customer companies for Synchrony Financial include:

• Amazon (AMZN)
• Lowe's (LOW)
• Gap Inc. (GPS) (includes brands like Gap, Old Navy, Banana Republic, and Athleta)
• Sam's Club (a division of Walmart - WMT)

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• Visa (V)
• Mastercard (MA)
• Discover Financial Services (DFS)
• Equifax (EFX)
• TransUnion (TRU)

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Brian Doubles, President and Chief Executive Officer

Brian Doubles was appointed CEO in April 2021, after serving as President for two years and as Executive Vice President and Chief Financial Officer for 10 years, playing a pivotal role in Synchrony's initial public offering in 2014 and its separation from GE in 2015. Prior to Synchrony's founding, he held various roles of increasing responsibility and management at GE, starting in 1998. These roles included key financial positions in audit, treasury, consumer finance, and financial planning and analysis. He also led the winddown of GE's U.S. mortgage business (WMC Mortgage) as Chief Financial Officer and subsequently Chief Executive Officer. He earned a Bachelor of Science degree in Engineering from Michigan State University.

Brian Wenzel, Executive Vice President and Chief Financial Officer

Brian Wenzel was appointed CFO in May 2019. He has over 30 years of experience in financial and strategic management, including 21 years at Synchrony (encompassing the period before its separation from GE). Before his current role, he served as Synchrony's Deputy Chief Financial Officer and, prior to that, as the Chief Financial Officer of Synchrony's Retail Card platform for more than 12 years. Earlier in his career, he held various positions in GE's Treasury and Global Funding Operation and Consumer North American Finance Business. He also worked at PricewaterhouseCoopers from 1989 to 1993 and in a start-up healthcare venture from 1993 to 1998.

Carol Juel, Executive Vice President, Chief Technology and Operating Officer

Carol Juel is responsible for developing Synchrony's technology and operations strategy. In her previous role as EVP, Chief Information Officer, she was instrumental in transitioning Synchrony to an Agile culture, fostering speed and innovation. Prior to Synchrony's separation from GE in 2015, she served as Chief Information Officer of GE Capital Retail Finance. Her 10 years with GE included various senior leadership roles in technology governance, security, business development, digital, and marketing. Before joining GE, she was a technology consultant at Accenture, focusing on the financial services sector.

DJ Casto, Executive Vice President, Chief Human Resources Officer

DJ Casto is responsible for engaging employees in Synchrony's strategic business imperatives and developing people-led programs that strengthen culture, drive business growth, and nurture talent. He previously led human resources for Synchrony's global enterprise operations and was the HR client leader for corporate governance functions. He played a key role in the human resources and cultural aspects of Synchrony's separation from GE in 2015. Casto began his career in human resources field operations at PepsiCo. He holds a master's degree in industrial relations and a bachelor's degree in business administration from West Virginia University.

Maran Nalluswami, Executive Vice President, Chief Strategy and Business Development Officer

Maran Nalluswami oversees Synchrony's business development, long-term strategic planning, mergers and acquisitions, strategic partnerships, and Synchrony Ventures. He previously served as EVP & CEO of the Diversified & Value and Lifestyle platforms. He has over 20 years of experience in commercial leadership roles, including an extensive career at GE Capital.

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The key risks to Synchrony Financial (SYF) are:

1. Macroeconomic Conditions and Credit Cycle: Synchrony Financial's business is highly sensitive to overall economic conditions. Deteriorating economic indicators such as rising unemployment, decreased consumer confidence, or lower consumer spending can lead to increased delinquencies, higher charge-offs, and greater allowances for credit losses on their loan receivables. This directly impacts their profitability and financial performance.
2. Regulatory and Compliance Risks: Synchrony operates in a heavily regulated environment. Changes in consumer financial protection laws and regulations, particularly those enforced by the Consumer Financial Protection Bureau (CFPB), could materially and adversely affect their business, results of operations, and financial condition. For example, rules regarding credit card late fees are a specific concern.
3. Competitive Landscape and Market Disruption: The consumer finance sector is intensely competitive. Synchrony faces competition from traditional banks, a growing number of fintech startups, and digital payment platforms. This competitive pressure necessitates continuous innovation and adaptation to maintain market share and profitability, as new entrants and evolving technologies can disrupt the market.

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The primary clear emerging threat to Synchrony Financial (SYF) is the rise and rapid adoption of Buy Now, Pay Later (BNPL) services and other embedded finance solutions offered by large technology companies and fintechs. BNPL providers such as Affirm, Klarna, Afterpay (Block), PayPal Pay in 4, and more recently, Apple Pay Later, directly compete with SYF's core business model of providing point-of-sale private label and co-branded credit cards and installment loans. These alternative financing options divert consumer spending and loan originations away from traditional credit products, potentially eroding SYF's transaction volume, interest income, and fee revenue at its retail partners.

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Synchrony Financial (SYF) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Partnership Network and New Programs: Synchrony continues to broaden its network of partners, which is a significant driver of revenue. Recent examples include adding or renewing over 15 partners, launching an exclusive Walmart/OnePay program, extending its relationship with Amazon, and introducing new credit programs with companies like Toro and Lowe's.
2. Launch of New Products and Enhanced Offerings: The company is focused on introducing new products and improving existing ones to attract and retain customers. This includes the rollout of Synchrony Pay Later at Amazon, the introduction of a physical PayPal credit card, and new product launches with some of its top partners. Enhanced product offerings and refreshed value propositions are specifically noted for driving increased spending on digital platforms.
3. Growth in Digital and Co-branded Card Purchase Volume: Synchrony is seeing increased purchase volume, particularly from its digital platforms and co-branded card programs. Digital platform spending rose by 5% due to higher spend per account, and dual and co-branded cards contributed significantly to the overall 2% year-over-year increase in purchase volume in Q3 2025.
4. Improved Credit Quality and Strategic Easing of Credit Standards: Disciplined credit actions in prior periods have led to improved credit quality, lower delinquencies, and a higher-quality customer base. Management has indicated a cautious, incremental easing of previously tightened credit standards, which is expected to drive future volume growth.
5. Net Interest Margin (NIM) Improvement through Pricing and Policy Changes: Synchrony has seen an improvement in its net interest margin, which directly contributes to net interest income and overall revenue. In Q3 2025, the net interest margin increased by 58 basis points year-over-year, driven by a decline in the cost of interest-bearing liabilities and an increase in loan receivables yield, influenced by product pricing and policy changes (PPPCs).

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Share Repurchases

• In October 2025, Synchrony Financial's Board approved a $1 billion increase to its share repurchase authorization, bringing the total available for repurchases to $2.1 billion through June 30, 2026.
• In the first quarter of 2025, Synchrony completed its existing share repurchase authorization, returning $600 million to shareholders, and the Board approved a new $2.5 billion share repurchase authorization through June 30, 2026.
• During 2024, Synchrony repurchased 22.5 million shares for $1.0 billion; an incremental $1.0 billion repurchase program was approved in April 2024 through June 30, 2025, with $700 million remaining as of September 30, 2024.

Share Issuance

• Synchrony Financial has primarily focused on reducing its outstanding shares through repurchases rather than issuing new shares to raise capital.
• The number of shares outstanding has shown a declining trend from 0.483 billion in 2022 to 0.401 billion in 2024, further decreasing to 0.370 billion as of September 30, 2025.

Outbound Investments

• In January 2024, Synchrony acquired Ally Financial's point-of-sale financing business, including $2.2 billion of loan receivables, to expand its multi-product strategy in home improvement and health and wellness verticals.
• In October 2025, Synchrony completed the acquisition of Versatile Credit, a consumer financing software provider, to enhance its digital capabilities in connecting merchants, lenders, and consumers.
• Synchrony announced the acquisition of the Lowe's commercial co-branded credit card portfolio, which is expected to close in the first half of 2026.