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24/7 Wall St.: Seven Companies Forced to Change Their Names

Ally Financial

Former name: GMAC
Year changed: 2010

In 2009, GMAC changed the name of its banking unit to Ally Bank. The decision was made to distance the company from its longtime association with government-owned General Motors Co. (NYSE: GM) as well as its own bailout. The next year, GMAC, which in addition to an online retail bank also provides auto and mortgage lending services, changed the name of its entire business to Ally Financial. But under both names the company has struggled despite receiving $16.3 billion in TARP funding. Of this, nearly $10.5 billion remains outstanding, while the U.S. Treasury holds a 74% stake in the lender. Last year alone, the company failed a Federal Reserve stress test evaluating its ability to survive another financial crisis. In May 2012, its mortgage lender and servicer, Residential Capital, filed for bankruptcy.

(PRNewsFoto/Ally Bank)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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