Capital Management and Funding Strategy
Funding and Deposits
We seek to achieve diversity and cost efficiency in our funding sources by maintaining scale and market relevance in
unsecured debt, asset securitizations and deposits, and access to secured borrowing facilities and a committed bank
credit facility. Our current funding plan for the full year 2023 includes, among other sources, approximately $6.0 billion to
$10.0 billion of unsecured term debt issuance and approximately $3.0 billion to $7.0 billion of secured term debt issuance.
Funding Mix
AM
EX
($ in billions)
$113
8%
14%
$173
1%
Retail Deposit Program
92% FDIC
insured at
Q3'23
$13
$124
Short-term Funding
47%
30%
72%
■Deposits
■Card ABS*
■Direct Deposits**
77%
■Third Party CDs
53%
48%
8%
■Third Party Sweep
Unsecured Term**
11%
20%
12%
YE 2008
Q3'23
YE 2008
Q3'23
Note: % of total may not foot due to rounding. *Reflects face amount of Card ABS, net of securities retained by the Company. Includes outstanding ABS secured borrowing facility draws.
**Reflects face amount of unsecured term debt; the long-term debt balance on the Company's consolidated balance sheet includes capitalized leases and certain adjustments that are not
included in these balances. ***Consists of $89.9B from savings and transaction accounts and $4.9B from direct CDs as of September 30, 2023.
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