Taylor Scott
Synchrony Bank is an American consumer financial services company headquartered in Stamford, Connecticut. It is a wholly owned subsidiary of Synchrony Financial, which used to be called GE Capital Retail Finance Corporation. The bank offers a range of financial products and services, including credit cards, savings accounts, money market accounts, and promotional financing programs. It is known for its partnerships with major brands such as Amazon, PayPal, and Walmart, and it has been recognized for its strong financial performance and commitment to diversity and inclusion. As of 2025, Synchrony Bank held $71 billion in assets. The current CEO of Synchrony is Brian Doubles, who previously served as the company's President and CFO.
| Characteristics | Values |
|---|---|
| Type of company | American consumer financial services company |
| Headquarters | Stamford, Connecticut, United States |
| Services | Consumer financing products, including credit, promotional financing and loyalty programs, instalment lending to industries, and FDIC-insured consumer savings products |
| Previous name | GE Capital Retail Finance Corporation |
| Year incorporated | 2003 |
| Year of activation | 2013 |
| Year of IPO | 2014 |
| Amount raised in IPO | $2.88 billion |
| Acquisitions | GPShopper (2017), Loop Commerce (2018), PayPal's $7.6 billion credit receivables portfolio (2018) |
| Largest provider of | Private-label credit cards in the U.S. |
| Partnered brands | Amazon, Lowe's, Guitar Center, Cathay Pacific, Rakuten, Verizon, Sleep Number, Walgreens, and Sam's Club |
| Number of "Innovation Stations" | 4 |
| Locations of "Innovation Stations" | Stamford, Connecticut; Chicago, Illinois; Kettering, Ohio and Hyderabad, India |
| Owner | Synchrony Financial |
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What You'll Learn
Synchrony Financial owns Synchrony Bank
Synchrony Bank is owned by Synchrony Financial, a consumer financial services company headquartered in Stamford, Connecticut. Synchrony Financial offers a range of consumer financing products, including credit cards, promotional financing, loyalty programs, and installment lending.
Synchrony Bank is an online-only bank and a wholly owned subsidiary of Synchrony Financial. The bank provides various financial products and services, such as savings accounts, money market accounts, individual retirement accounts (IRAs), and credit cards. Notably, Synchrony Bank does not offer checking accounts or maintain physical branches.
Synchrony Financial was previously known as GE Capital Retail Finance Corporation until it adopted the Synchrony name in 2014. The company has a significant presence in the private-label credit card market and partners with well-known brands such as Amazon, Lowe's, Verizon, Sam's Club, and Walgreens.
Synchrony Financial has been publicly traded since its initial public offering (IPO) in July 2014, raising $2.88 billion. The company has made several strategic acquisitions, including GPShopper and Loop Commerce, to enhance its digital capabilities and expand its offerings.
Brian Doubles currently serves as the President and Chief Executive Officer (CEO) of Synchrony Financial, leading the company's strategic initiatives and driving growth. Under his leadership, Synchrony has continued to focus on digital transformation, diversity and inclusion, and community engagement.
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Brian Doubles is the President and CEO
Brian Doubles has had a long career at Synchrony, serving as President for two years and as Executive Vice President and Chief Financial Officer for 10 years before becoming President and CEO. As President, he led the development of Synchrony's long-term strategy, focusing on driving profitability and growth while creating value for partners and shareholders. He also played a crucial role in Synchrony's initial public offering in 2014 and its separation from GE in 2015.
Under the leadership of Brian Doubles, Synchrony has achieved significant financial success and recognition. In 2024, Synchrony reported strong financial results, with net earnings of $3.5 billion and a return on average assets of 2.9%. The company also acquired almost 20 million new accounts and financed its second-highest level of purchase volume at over $182 billion. Synchrony was recognised as one of the nation's best places to work for the eighth year in a row and was ranked #2 on Fortune's 100 Best Companies to Work For in the US.
Brian Doubles has also led several initiatives to drive the company's strategic direction and transformation. He has focused on accelerating Synchrony's digital transformation and commercial strategies, as well as driving enterprise-wide action and change in workforce development, inclusion, financial growth, and racial equality. Doubles has also been instrumental in forming key partnerships, such as with PayPal, Walmart, and OnePay, to expand access to flexible financing options for millions of consumers.
In addition to his role at Synchrony, Brian Doubles is a member of the Business Roundtable and the Bank Policy Institute. He is also the founder of "Doubles Dive," an annual global polar plunge event that raises money for charitable organisations.
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Synchrony Financial was previously GE Capital Bank
Synchrony Financial, previously GE Capital Retail Finance Corporation, is an American consumer financial services company headquartered in Stamford, Connecticut. The company offers consumer financing products, including credit, promotional financing, loyalty programs, and installment lending to industries.
In June 2014, shortly before Synchrony's New York Stock Exchange debut, the U.S. Consumer Financial Protection Bureau and the Department of Justice reached a $225 million settlement with the company. The settlement stated that, while operating as GE Capital Bank, the company had engaged in deceptive and discriminatory credit card practices, primarily surrounding nefarious enrollment practices for add-on programs such as financial hardship relief.
Synchrony Bank, formerly GE Capital Retail Bank, is a wholly owned online bank subsidiary of Synchrony Financial. Synchrony Financial has its roots in consumer finance tracing back to 1932 and is currently the largest provider of private-label credit cards in the United States based on purchase volume and receivables. Through its partners' over 300,000 locations across the United States and Canada, and their websites and mobile applications, Synchrony Bank offers its customers a variety of credit products to finance the purchase of goods and services.
In December 2019, Synchrony Financial announced its separation from the General Electric Company, marking a new chapter in the company's history. The company has since focused on pursuing a long-term strategy centered on its business objectives as a stand-alone company.
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Synchrony Bank has no physical branches
Synchrony Financial, a Stamford, Connecticut-based consumer financial services company, owns Synchrony Bank. The bank was previously named GE Capital Retail Finance Corporation and was incorporated in Delaware in 2003. It was inactive until 2013 and went public in July 2014, raising $2.88 billion in its initial public offering.
Synchrony Bank is an online bank and does not have any physical branches. However, it offers a wide range of financial products and services to its customers. These include CDs, savings accounts, money market accounts, individual retirement accounts, and credit cards. The bank also provides ATM cards for its savings and money market accounts, which can be used with no Synchrony fee at Plus or Accel ATMs.
As of January 3, 2025, Synchrony Bank had $71 billion in assets. The bank has achieved success and recognition, ranking #2 on Fortune's 100 Best Company to Work For in the US list. It has also secured partnerships with major brands such as Amazon, Lowe's, Verizon, Sam's Club, and Walgreens for co-branded credit cards.
Synchrony Bank focuses on digital payments, accelerating growth, and driving strategic initiatives. It prioritizes diversity and inclusion, workforce development, financial growth, and social reform. The bank also offers perks and benefits to its customers, such as travel-related discounts, unlimited ATM fee reimbursements, and dedicated customer service at higher deposit levels.
Synchrony Bank's leadership team, including Brian Doubles as President and CEO, plays a crucial role in the bank's success and strategic direction. Doubles has a background in various roles at GE and is passionate about community involvement.
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PayPal Credit is a Synchrony product
Synchrony Financial is an American consumer financial services company that offers consumer financing products, including credit, promotional financing, loyalty programs, and installment lending to industries. It is headquartered in Stamford, Connecticut, and was previously named GE Capital Retail Finance Corporation.
In 2018, Synchrony acquired PayPal's $7.6 billion credit receivables portfolio. This acquisition extended their existing co-brand consumer credit card program agreement, with Synchrony becoming the exclusive issuer of the PayPal Credit online consumer financing program in the United States through 2028.
PayPal Credit is a digital credit line issued by Synchrony Bank, which is a wholly-owned subsidiary of Synchrony Financial. It is available to US customers of legal age in their state of residence and offers promotional financing, allowing users to pay over time. PayPal Credit is subject to credit approval and is issued pursuant to a license by Mastercard International Incorporated.
The partnership between PayPal and Synchrony Financial has been in place since 2004, with the companies working together to offer credit card programs that enable digital and mobile payments for qualifying cardholders. The PayPal Extras Mastercard and the eBay Mastercard are two examples of co-branded credit cards offered through this collaboration.
In addition to its credit card offerings, Synchrony Financial also provides a range of other credit products and services, such as loyalty programs and installment lending. The company is focused on digital payments, driving growth, and creating value for its partners and shareholders. With its roots in consumer finance tracing back to 1932, Synchrony Financial has established itself as a premier consumer financial services company in the United States.
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Frequently asked questions
Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.
Synchrony Financial is an American consumer financial services company that offers consumer financing products, including credit, promotional financing, and loyalty programs.
Brian Doubles is the current President and CEO of Synchrony.
Synchrony Bank is the largest provider of private-label credit cards in the U.S. and is known for its partnerships with brands like Amazon, Lowe's, Verizon, and Sam's Club.
