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<title>syf-20210408</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="i6735df370e204b4a8b64760eea0fa1dc_D20210408-20210408" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOjhlNTQ3ZDI5YzA4YTQ0ODA4NmJlNzc1MDkzMDI1ODJlL3NlYzo4ZTU0N2QyOWMwOGE0NDgwODZiZTc3NTA5MzAyNTgyZV80L2ZyYWc6ZTNjOTJhYTRmYzQxNDc3YmI5YTIzNjViMjk5MjJhODAvdGFibGU6NmNmM2E0Y2VlMTk4NDQ3ZDk5NTVkNmIxZmNlYTdiMzUvdGFibGVyYW5nZTo2Y2YzYTRjZWUxOTg0NDdkOTk1NWQ2YjFmY2VhN2IzNV8xLTEtMS0xLTA_c90ec5c9-cbcf-4202-8210-2d5693f37604">0001601712</ix:nonNumeric><ix:nonNumeric contextRef="i6735df370e204b4a8b64760eea0fa1dc_D20210408-20210408" name="dei:AmendmentFlag" 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style="-sec-extract:summary;margin-top:4pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-weight:700;line-height:120%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-weight:700;line-height:120%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Washington, D.C. 20549</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.637%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" 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Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:1pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:21.637%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="margin-top:7pt"><span><br/></span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:1pt;margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i6735df370e204b4a8b64760eea0fa1dc_D20210408-20210408" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="id3VybDovL2RvY3MudjEvZG9jOjhlNTQ3ZDI5YzA4YTQ0ODA4NmJlNzc1MDkzMDI1ODJlL3NlYzo4ZTU0N2QyOWMwOGE0NDgwODZiZTc3NTA5MzAyNTgyZV8xL2ZyYWc6NzhjMDRmMDVkOWM1NDE5OThlNjkzMTM0OThlNjU5MzAvdGFibGU6NGFmN2E1MmY1MzlhNGZmZThiNGQyYjE5M2M4MzdjNGYvdGFibGVyYW5nZTo0YWY3YTUyZjUzOWE0ZmZlOGI0ZDJiMTkzYzgzN2M0Zl8wLTAtMS0xLTA_558fd69a-7255-4e6b-98f7-4b2eef197a3a">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr></table></div><div style="margin-bottom:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td 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240.14a-12)</span></td></tr></table></div><div style="margin-bottom:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i6735df370e204b4a8b64760eea0fa1dc_D20210408-20210408" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjhlNTQ3ZDI5YzA4YTQ0ODA4NmJlNzc1MDkzMDI1ODJlL3NlYzo4ZTU0N2QyOWMwOGE0NDgwODZiZTc3NTA5MzAyNTgyZV8xL2ZyYWc6NzhjMDRmMDVkOWM1NDE5OThlNjkzMTM0OThlNjU5MzAvdGFibGU6ZDk5MjMyY2E5ODZkNGJmMmEwMTNhY2I4NjZiODk0ZTYvdGFibGVyYW5nZTpkOTkyMzJjYTk4NmQ0YmYyYTAxM2FjYjg2NmI4OTRlNl8wLTAtMS0xLTA_068594f3-dbbd-4fbf-a3fb-b04a825cb47c">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr></table></div><div style="margin-bottom:1pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:93.044%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="i6735df370e204b4a8b64760eea0fa1dc_D20210408-20210408" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="id3VybDovL2RvY3MudjEvZG9jOjhlNTQ3ZDI5YzA4YTQ0ODA4NmJlNzc1MDkzMDI1ODJlL3NlYzo4ZTU0N2QyOWMwOGE0NDgwODZiZTc3NTA5MzAyNTgyZV8xL2ZyYWc6NzhjMDRmMDVkOWM1NDE5OThlNjkzMTM0OThlNjU5MzAvdGFibGU6OWRmZjNmYTU3YTMyNDA1NDgwMjYzYzhmZThhN2RjZTcvdGFibGVyYW5nZTo5ZGZmM2ZhNTdhMzI0MDU0ODAyNjNjOGZlOGE3ZGNlN18wLTAtMS0xLTA_32592515-3e46-4002-a877-fa46eee65c03">&#9744;</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pre-commencement communications pursuant to Rule 13e-4(c) 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style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trading Symbol(s)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="ica773d09c6694d2ca1e9b1a41ca9fd5a_D20210408-20210408" name="dei:Security12bTitle" 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id="id3VybDovL2RvY3MudjEvZG9jOjhlNTQ3ZDI5YzA4YTQ0ODA4NmJlNzc1MDkzMDI1ODJlL3NlYzo4ZTU0N2QyOWMwOGE0NDgwODZiZTc3NTA5MzAyNTgyZV8xL2ZyYWc6NzhjMDRmMDVkOWM1NDE5OThlNjkzMTM0OThlNjU5MzAvdGFibGU6YTQxOWUzNTdkZTc3NDgzMmJlMDUxYjBlNjdmODhiZjIvdGFibGVyYW5nZTphNDE5ZTM1N2RlNzc0ODMyYmUwNTFiMGU2N2Y4OGJmMl8xLTItMS0xLTA_036f4237-1c37-48a7-a262-0d18c1487aef">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="iaeca3f61d1bf4b47b480fd39e2e1a69c_D20210408-20210408" name="dei:Security12bTitle" id="id3VybDovL2RvY3MudjEvZG9jOjhlNTQ3ZDI5YzA4YTQ0ODA4NmJlNzc1MDkzMDI1ODJlL3NlYzo4ZTU0N2QyOWMwOGE0NDgwODZiZTc3NTA5MzAyNTgyZV8xL2ZyYWc6NzhjMDRmMDVkOWM1NDE5OThlNjkzMTM0OThlNjU5MzAvdGFibGU6YTQxOWUzNTdkZTc3NDgzMmJlMDUxYjBlNjdmODhiZjIvdGFibGVyYW5nZTphNDE5ZTM1N2RlNzc0ODMyYmUwNTFiMGU2N2Y4OGJmMl8yLTAtMS0xLTA_3300c0e6-79c6-46a0-98ac-1ede0c550e7a">Depositary Shares Each Representing a 1/40th Interest in a Share of 5.625% Fixed Rate&#160;Non-Cumulative&#160;Perpetual Preferred Stock, Series&#160;A</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="iaeca3f61d1bf4b47b480fd39e2e1a69c_D20210408-20210408" name="dei:TradingSymbol" 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style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:27pt;width:100%"><div><span><br/></span></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.936%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Item&#160;7.01</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Regulation FD Disclosure.</span></td></tr></table></div><div style="margin-top:1pt;text-align:center"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SYNCHRONY WILL NOT RENEW GAP INC. PARTNERSHIP</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;&#160;&#160;&#160;&#160;Will redeploy approximately $1 billion in capital</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;&#160;&#160;&#160;&#160;Expects program exit will be accretive to EPS relative to program renewal</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Synchrony will not renew its financing partnership with Gap Inc. when it expires on April 30, 2022. Synchrony was unable to reach contractual and economic terms with Gap that made sense for our company and our shareholders.</span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The portfolio represents approximately 5 percent</span><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> of Synchrony&#8217;s loan receivables. Synchrony expects to recognize a gain on sale of the portfolio in the second quarter of 2022 and will redeploy approximately $1 billion of capital to repurchase shares</span><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:7.15pt;font-weight:400;line-height:120%;position:relative;top:-3.85pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> and invest in higher growth programs. Synchrony expects that exiting the Gap partnership will be EPS neutral relative to current program economics and accretive to expected renewal terms.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%">All Gap and affiliated brand credit cards issued by Synchrony can continue to be used through April 30, 2022.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The information contained in this Item 7.01 of this Current Report on Form 8-K is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly stated by specific reference in such filing.</span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:144%;position:relative;top:-3.15pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:9pt;font-weight:400;line-height:144%">Ending loan receivables under the programs totaled ~$3.8 billion as of March 31, 2021.</span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:5.85pt;font-weight:400;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Subject to regulatory restrictions and required approvals, if any.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Cautionary Statement Regarding Forward-Looking Statements</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%">This filing contains certain forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "targets," "outlook," "estimates," "will," "should," "may" or words of similar meaning, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include global political, economic, business, competitive, market, regulatory and other factors and risks, such as: the impact of macroeconomic conditions and whether industry trends we have identified develop as anticipated, including the future impacts of the novel coronavirus disease (&#8220;COVID-19&#8221;) outbreak and measures taken in response thereto for which future developments are highly uncertain and difficult to predict; retaining existing partners and attracting new partners, concentration of our revenue in a small number of Retail Card partners, and promotion and support of our products by our partners; cyber-attacks or other security breaches; disruptions in the operations of our and our outsourced partners' computer systems and data centers; the financial performance of our partners; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to the CECL accounting guidance; higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to grow our deposits in the future; damage to our reputation; our ability to securitize our loan receivables, occurrence of an early amortization of our securitization facilities, loss of the right to service or subservice our securitized loan receivables, and </span></div><div style="height:31.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:27pt;width:100%"><div><span><br/></span></div></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%">lower payment rates on our securitized loan receivables; changes in market interest rates and the impact of any margin compression; effectiveness of our risk management processes and procedures, reliance on models which may be inaccurate or misinterpreted, our ability to manage our credit risk; our ability to offset increases in our costs in retailer share arrangements; competition in the consumer finance industry; our concentration in the U.S. consumer credit market; our ability to successfully develop and commercialize new or enhanced products and services; our ability to realize the value of acquisitions and strategic investments; reductions in interchange fees; fraudulent activity; failure of third-parties to provide various services that are important to our operations; international risks and compliance and regulatory risks and costs associated with international operations; alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; litigation and regulatory actions; our ability to attract, retain and motivate key officers and employees; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; regulation, supervision, examination and enforcement of our business by governmental authorities, the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;) and other legislative and regulatory developments and the impact of the Consumer Financial Protection Bureau&#8217;s (the &#8220;CFPB&#8221;) regulation of our business; impact of capital adequacy rules and liquidity requirements; restrictions that limit our ability to pay dividends and repurchase our common stock, and restrictions that limit the Bank&#8217;s ability to pay dividends to us; regulations relating to privacy, information security and data protection; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering and anti-terrorism financing laws.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:11pt;font-weight:400;line-height:120%">For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included in our public filings, including under the heading &#8220;Risk Factors Relating to Our Business&#8221; and &#8220;Risk Factors Relating to Regulation&#8221; in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed on February 11, 2021. You should not consider any list of such factors to be an exhaustive statement of all the risks, uncertainties, or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.</span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:144%">  </span></div><div style="height:31.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:27pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:700;line-height:144%">SIGNATURES</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:400;line-height:144%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></div><div style="margin-top:12pt"><span><br/></span></div><div style="margin-bottom:2pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.807%"><tr><td style="width:1.0%"></td><td style="width:35.372%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.191%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:3.683%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.064%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.822%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.191%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.777%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:2.25pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:700;line-height:100%">SYNCHRONY FINANCIAL</span></div></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:2pt;padding-left:2.25pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date: April 12, 2021</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:2.25pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:2.25pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Jonathan Mothner</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:2.25pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:2.25pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Jonathan Mothner</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:2.25pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title:</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt;padding-left:2.25pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Executive Vice President, General Counsel and Secretary</span></div></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="height:31.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:27pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EXHIBIT INDEX</span></div><div><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;</span></div><div style="margin-bottom:1pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:14.882%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.498%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:76.320%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:underline">Number</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:8pt;font-weight:700;line-height:100%;text-decoration:underline">Description</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Synchrony Sans',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The cover page from this Current Report on Form 8-K, formatted in Inline XBRL</span></td></tr></table></div><div style="height:31.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div></body></html>
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syf-20210408
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
April 8, 2021
Date of Report
(Date of earliest event reported)
SYNCHRONY FINANCIAL
(Exact name of registrant as specified in its charter)
Delaware
001-36560
51-0483352
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
777 Long Ridge Road
Stamford,
Connecticut
06902
(Address of principal executive offices)
(Zip Code)
(
203
)
585-2400
(Registrant's telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.001 per share
SYF
New York Stock Exchange
Depositary Shares Each Representing a 1/40th Interest in a Share of 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
SYFPrA
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 7.01
Regulation FD Disclosure.
SYNCHRONY WILL NOT RENEW GAP INC. PARTNERSHIP
•    Will redeploy approximately $1 billion in capital
•    Expects program exit will be accretive to EPS relative to program renewal
Synchrony will not renew its financing partnership with Gap Inc. when it expires on April 30, 2022. Synchrony was unable to reach contractual and economic terms with Gap that made sense for our company and our shareholders.
The portfolio represents approximately 5 percent
1
of Synchrony's loan receivables. Synchrony expects to recognize a gain on sale of the portfolio in the second quarter of 2022 and will redeploy approximately $1 billion of capital to repurchase shares
2
and invest in higher growth programs. Synchrony expects that exiting the Gap partnership will be EPS neutral relative to current program economics and accretive to expected renewal terms.
All Gap and affiliated brand credit cards issued by Synchrony can continue to be used through April 30, 2022.
The information contained in this Item 7.01 of this Current Report on Form 8-K is furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly stated by specific reference in such filing.
1
Ending loan receivables under the programs totaled ~$3.8 billion as of March 31, 2021.
2
Subject to regulatory restrictions and required approvals, if any.
Cautionary Statement Regarding Forward-Looking Statements
This filing contains certain forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "targets," "outlook," "estimates," "will," "should," "may" or words of similar meaning, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include global political, economic, business, competitive, market, regulatory and other factors and risks, such as: the impact of macroeconomic conditions and whether industry trends we have identified develop as anticipated, including the future impacts of the novel coronavirus disease ("COVID-19") outbreak and measures taken in response thereto for which future developments are highly uncertain and difficult to predict; retaining existing partners and attracting new partners, concentration of our revenue in a small number of Retail Card partners, and promotion and support of our products by our partners; cyber-attacks or other security breaches; disruptions in the operations of our and our outsourced partners' computer systems and data centers; the financial performance of our partners; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to the CECL accounting guidance; higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to grow our deposits in the future; damage to our reputation; our ability to securitize our loan receivables, occurrence of an early amortization of our securitization facilities, loss of the right to service or subservice our securitized loan receivables, and
lower payment rates on our securitized loan receivables; changes in market interest rates and the impact of any margin compression; effectiveness of our risk management processes and procedures, reliance on models which may be inaccurate or misinterpreted, our ability to manage our credit risk; our ability to offset increases in our costs in retailer share arrangements; competition in the consumer finance industry; our concentration in the U.S. consumer credit market; our ability to successfully develop and commercialize new or enhanced products and services; our ability to realize the value of acquisitions and strategic investments; reductions in interchange fees; fraudulent activity; failure of third-parties to provide various services that are important to our operations; international risks and compliance and regulatory risks and costs associated with international operations; alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; litigation and regulatory actions; our ability to attract, retain and motivate key officers and employees; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; regulation, supervision, examination and enforcement of our business by governmental authorities, the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and other legislative and regulatory developments and the impact of the Consumer Financial Protection Bureau's (the "CFPB") regulation of our business; impact of capital adequacy rules and liquidity requirements; restrictions that limit our ability to pay dividends and repurchase our common stock, and restrictions that limit the Bank's ability to pay dividends to us; regulations relating to privacy, information security and data protection; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering and anti-terrorism financing laws.
For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included in our public filings, including under the heading "Risk Factors Relating to Our Business" and "Risk Factors Relating to Regulation" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed on February 11, 2021. You should not consider any list of such factors to be an exhaustive statement of all the risks, uncertainties, or potentially inaccurate assumptions that could cause our current expectations or beliefs to change. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SYNCHRONY FINANCIAL
Date: April 12, 2021
By:
/s/ Jonathan Mothner
Name:
Jonathan Mothner
Title:
Executive Vice President, General Counsel and Secretary
EXHIBIT INDEX
Number
Description
104
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL