Synchrony Financial (SYF) 10-K risk factor changes: FY2023 vs FY2022

For the fiscal year ended December 31, [removed: 2022][added: 2023 OR]

[removed: ][added: ]

The aggregate market value of the outstanding common equity of the registrant held by non-affiliates as of the last business day of the registrant’s most recently completed second fiscal quarter was [removed: $13,473,650,047,][added: $14,182,270,780,]

The number of shares of the registrant’s common stock, par value $0.001 per share, outstanding as of February [removed: 3, 2023] [added: 2, 2024] was [removed: 437,035,160.][added: 406,843,602.]

The definitive proxy statement relating to the registrant’s Annual Meeting of Stockholders, to be held [removed: May 18, 2023,] [added: June 11, 2024,] is incorporated by reference into Part III to the extent described therein.

| [OUR [removed: BUSINESS](#ifc76e4f791754ea8af495170d59dcc15_16)] [added: BUSINESS](#i166ee5dc3c8a4d4eb5d55854c66e9003_19)] | | | | | | [removed: [7](#ifc76e4f791754ea8af495170d59dcc15_16)] [added: [7](#i166ee5dc3c8a4d4eb5d55854c66e9003_19)] | | |

| | | | [Our [removed: Company](#ifc76e4f791754ea8af495170d59dcc15_16)] [added: Company](#i166ee5dc3c8a4d4eb5d55854c66e9003_19)] | | | [removed: [7](#ifc76e4f791754ea8af495170d59dcc15_16)] [added: [7](#i166ee5dc3c8a4d4eb5d55854c66e9003_19)] | | |

| | | | [Our Sales [removed: Platforms](#ifc76e4f791754ea8af495170d59dcc15_19)] [added: Platforms](#i166ee5dc3c8a4d4eb5d55854c66e9003_22)] | | | [removed: [8](#ifc76e4f791754ea8af495170d59dcc15_19)] [added: [8](#i166ee5dc3c8a4d4eb5d55854c66e9003_22)] | | |

| | | | [Our Partner [removed: Agreements](#ifc76e4f791754ea8af495170d59dcc15_22)] [added: Agreements](#i166ee5dc3c8a4d4eb5d55854c66e9003_25)] | | | [removed: [11](#ifc76e4f791754ea8af495170d59dcc15_22)] [added: [11](#i166ee5dc3c8a4d4eb5d55854c66e9003_25)] | | |

| | | | [Our [removed: Customers](#ifc76e4f791754ea8af495170d59dcc15_25)] [added: Customers](#i166ee5dc3c8a4d4eb5d55854c66e9003_28)] | | | [removed: [14](#ifc76e4f791754ea8af495170d59dcc15_25)] [added: [14](#i166ee5dc3c8a4d4eb5d55854c66e9003_28)] | | |

| | | | [Our Credit [removed: Products](#ifc76e4f791754ea8af495170d59dcc15_28)] [added: Products](#i166ee5dc3c8a4d4eb5d55854c66e9003_31)] | | | [removed: [16](#ifc76e4f791754ea8af495170d59dcc15_28)] [added: [17](#i166ee5dc3c8a4d4eb5d55854c66e9003_31)] | | |

| | | | [Consumer [removed: Banking](#ifc76e4f791754ea8af495170d59dcc15_34)] [added: Banking](#i166ee5dc3c8a4d4eb5d55854c66e9003_37)] | | | [removed: [20](#ifc76e4f791754ea8af495170d59dcc15_34)] [added: [19](#i166ee5dc3c8a4d4eb5d55854c66e9003_37)] | | |

| | | | [Credit Risk [removed: Management](#ifc76e4f791754ea8af495170d59dcc15_37)] [added: Management](#i166ee5dc3c8a4d4eb5d55854c66e9003_40)] | | | [removed: [20](#ifc76e4f791754ea8af495170d59dcc15_37)] [added: [19](#i166ee5dc3c8a4d4eb5d55854c66e9003_40)] | | |

| | | | [Customer [removed: Service](#ifc76e4f791754ea8af495170d59dcc15_40)] [added: Service](#i166ee5dc3c8a4d4eb5d55854c66e9003_46)] | | | [removed: [22](#ifc76e4f791754ea8af495170d59dcc15_40)] [added: [21](#i166ee5dc3c8a4d4eb5d55854c66e9003_46)] | | |

| | | | [Production [removed: Services](#ifc76e4f791754ea8af495170d59dcc15_43)] [added: Services](#i166ee5dc3c8a4d4eb5d55854c66e9003_49)] | | | [removed: [23](#ifc76e4f791754ea8af495170d59dcc15_43)] [added: [22](#i166ee5dc3c8a4d4eb5d55854c66e9003_49)] | | |

| | | | [Intellectual [removed: Property](#ifc76e4f791754ea8af495170d59dcc15_49)] [added: Property](#i166ee5dc3c8a4d4eb5d55854c66e9003_55)] | | | [removed: [24](#ifc76e4f791754ea8af495170d59dcc15_49)] [added: [23](#i166ee5dc3c8a4d4eb5d55854c66e9003_55)] | | |

| | | | [Human [removed: Capital](#ifc76e4f791754ea8af495170d59dcc15_52)] [added: Capital](#i166ee5dc3c8a4d4eb5d55854c66e9003_58)] | | | [removed: [24](#ifc76e4f791754ea8af495170d59dcc15_52)] [added: [23](#i166ee5dc3c8a4d4eb5d55854c66e9003_58)] | | |

| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#ifc76e4f791754ea8af495170d59dcc15_61)] [added: OPERATIONS](#i166ee5dc3c8a4d4eb5d55854c66e9003_67)] | | | | | | [removed: [27](#ifc76e4f791754ea8af495170d59dcc15_61)] [added: [26](#i166ee5dc3c8a4d4eb5d55854c66e9003_67)] | | |

| | | | [Results of [removed: Operations](#ifc76e4f791754ea8af495170d59dcc15_64)] [added: Operations](#i166ee5dc3c8a4d4eb5d55854c66e9003_70)] | | | [removed: [27](#ifc76e4f791754ea8af495170d59dcc15_64)] [added: [26](#i166ee5dc3c8a4d4eb5d55854c66e9003_70)] | | |

| | | | [Loan [removed: Receivables](#ifc76e4f791754ea8af495170d59dcc15_67)] [added: Receivables](#i166ee5dc3c8a4d4eb5d55854c66e9003_73)] | | | [removed: [45](#ifc76e4f791754ea8af495170d59dcc15_67)] [added: [45](#i166ee5dc3c8a4d4eb5d55854c66e9003_73)] | | |

| | | | [Funding, Liquidity and Capital [removed: Resources](#ifc76e4f791754ea8af495170d59dcc15_70)] [added: Resources](#i166ee5dc3c8a4d4eb5d55854c66e9003_76)] | | | [removed: [47](#ifc76e4f791754ea8af495170d59dcc15_70)] [added: [46](#i166ee5dc3c8a4d4eb5d55854c66e9003_76)] | | |

| | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ifc76e4f791754ea8af495170d59dcc15_79)] [added: Risk](#i166ee5dc3c8a4d4eb5d55854c66e9003_85)] | | | [removed: [52](#ifc76e4f791754ea8af495170d59dcc15_79)] [added: [52](#i166ee5dc3c8a4d4eb5d55854c66e9003_85)] | | |

| | | | [Off-Balance Sheet Arrangements and Unfunded Lending [removed: Commitments](#ifc76e4f791754ea8af495170d59dcc15_85)] [added: Commitments](#i166ee5dc3c8a4d4eb5d55854c66e9003_91)] | | | [removed: [57](#ifc76e4f791754ea8af495170d59dcc15_85)] [added: [56](#i166ee5dc3c8a4d4eb5d55854c66e9003_91)] | | |

| | | | [Critical Accounting [removed: Estimates](#ifc76e4f791754ea8af495170d59dcc15_88)] [added: Estimates](#i166ee5dc3c8a4d4eb5d55854c66e9003_94)] | | | [removed: [57](#ifc76e4f791754ea8af495170d59dcc15_88)] [added: [57](#i166ee5dc3c8a4d4eb5d55854c66e9003_94)] | | |

| | | | [Risk Factors [removed: Summary](#ifc76e4f791754ea8af495170d59dcc15_94)] [added: Summary](#i166ee5dc3c8a4d4eb5d55854c66e9003_100)] | | | [removed: [59](#ifc76e4f791754ea8af495170d59dcc15_94)] [added: [59](#i166ee5dc3c8a4d4eb5d55854c66e9003_100)] | | |

| | | | [Risk Factors Relating To Our [removed: Business](#ifc76e4f791754ea8af495170d59dcc15_97)] [added: Business](#i166ee5dc3c8a4d4eb5d55854c66e9003_103)] | | | [removed: [61](#ifc76e4f791754ea8af495170d59dcc15_97)] [added: [61](#i166ee5dc3c8a4d4eb5d55854c66e9003_103)] | | |

| | | | [Regulation Relating to Our [removed: Business](#ifc76e4f791754ea8af495170d59dcc15_103)] [added: Business](#i166ee5dc3c8a4d4eb5d55854c66e9003_109)] | | | [removed: [86](#ifc76e4f791754ea8af495170d59dcc15_103)] [added: [89](#i166ee5dc3c8a4d4eb5d55854c66e9003_109)] | | |

| | | | [Risk Factors Relating to [removed: Regulation](#ifc76e4f791754ea8af495170d59dcc15_106)] [added: Regulation](#i166ee5dc3c8a4d4eb5d55854c66e9003_112)] | | | [removed: [95](#ifc76e4f791754ea8af495170d59dcc15_106)] [added: [99](#i166ee5dc3c8a4d4eb5d55854c66e9003_112)] | | |

| [CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#ifc76e4f791754ea8af495170d59dcc15_109)] [added: DATA](#i166ee5dc3c8a4d4eb5d55854c66e9003_115)] | | | | | | [removed: [101](#ifc76e4f791754ea8af495170d59dcc15_109)] [added: [106](#i166ee5dc3c8a4d4eb5d55854c66e9003_115)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#ifc76e4f791754ea8af495170d59dcc15_109)] [added: Firm](#i166ee5dc3c8a4d4eb5d55854c66e9003_115)] | | | [removed: [101](#ifc76e4f791754ea8af495170d59dcc15_109)] [added: [106](#i166ee5dc3c8a4d4eb5d55854c66e9003_115)] | | |

| | | | [removed: [Notes to Consolidated] [added: [Consolidated] Financial [removed: Statements](#ifc76e4f791754ea8af495170d59dcc15_127)] [added: Statements](#i166ee5dc3c8a4d4eb5d55854c66e9003_118)] | | | [removed: [110](#ifc76e4f791754ea8af495170d59dcc15_127)] [added: [110](#i166ee5dc3c8a4d4eb5d55854c66e9003_118)] | | |

| | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ifc76e4f791754ea8af495170d59dcc15_187)] [added: Securities](#i166ee5dc3c8a4d4eb5d55854c66e9003_193)] | | | [removed: [144](#ifc76e4f791754ea8af495170d59dcc15_187)] [added: [152](#i166ee5dc3c8a4d4eb5d55854c66e9003_193)] | | |

| | | | [Exhibits and Financial Statement [removed: Schedules](#ifc76e4f791754ea8af495170d59dcc15_190)] [added: Schedules](#i166ee5dc3c8a4d4eb5d55854c66e9003_196)] | | | [removed: [146](#ifc76e4f791754ea8af495170d59dcc15_190)] [added: [155](#i166ee5dc3c8a4d4eb5d55854c66e9003_196)] | | |

| [Item [removed: 1A.](#ifc76e4f791754ea8af495170d59dcc15_94)] [added: 1A.](#i166ee5dc3c8a4d4eb5d55854c66e9003_100)] | | | [Risk [removed: Factors](#ifc76e4f791754ea8af495170d59dcc15_94)] [added: Factors](#i166ee5dc3c8a4d4eb5d55854c66e9003_100)] | | | [removed: [59](#ifc76e4f791754ea8af495170d59dcc15_94)] [added: [59](#i166ee5dc3c8a4d4eb5d55854c66e9003_100)] - [removed: 79, [95](#ifc76e4f791754ea8af495170d59dcc15_106)] [added: 80, [99](#i166ee5dc3c8a4d4eb5d55854c66e9003_112)] - [removed: 100] [added: 105] | | |

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

| | | | [Technology](#i166ee5dc3c8a4d4eb5d55854c66e9003_52) | | | [22](#i166ee5dc3c8a4d4eb5d55854c66e9003_52) | | |

| | | | [Regulation](#i166ee5dc3c8a4d4eb5d55854c66e9003_61) | | | [24](#i166ee5dc3c8a4d4eb5d55854c66e9003_61) | | |

| | | | [Competition](#i166ee5dc3c8a4d4eb5d55854c66e9003_64) | | | [25](#i166ee5dc3c8a4d4eb5d55854c66e9003_64) | | |

| | | | [Liquidity](#i166ee5dc3c8a4d4eb5d55854c66e9003_82) | | | [51](#i166ee5dc3c8a4d4eb5d55854c66e9003_82) | | |

| | | | [Capital](#i166ee5dc3c8a4d4eb5d55854c66e9003_88) | | | [54](#i166ee5dc3c8a4d4eb5d55854c66e9003_88) | | |

| [RISKS](#i166ee5dc3c8a4d4eb5d55854c66e9003_100) | | | | | | [59](#i166ee5dc3c8a4d4eb5d55854c66e9003_100) | | |

| | | | [Risk Management](#i166ee5dc3c8a4d4eb5d55854c66e9003_106) | | | [81](#i166ee5dc3c8a4d4eb5d55854c66e9003_106) | | |

| | | | [Cybersecurity](#i166ee5dc3c8a4d4eb5d55854c66e9003_1633) | | | [87](#i166ee5dc3c8a4d4eb5d55854c66e9003_1633) | | |

| [REGULATION](#i166ee5dc3c8a4d4eb5d55854c66e9003_109) | | | | | | [89](#i166ee5dc3c8a4d4eb5d55854c66e9003_109) | | |

| | | | [Notes to Consolidated Financial Statements](#i166ee5dc3c8a4d4eb5d55854c66e9003_133) | | | [115](#i166ee5dc3c8a4d4eb5d55854c66e9003_133) | | |

| | | | [Controls and Procedures](#i166ee5dc3c8a4d4eb5d55854c66e9003_187) | | | [150](#i166ee5dc3c8a4d4eb5d55854c66e9003_187) | | |

| [OTHER KEY INFORMATION](#i166ee5dc3c8a4d4eb5d55854c66e9003_190) | | | | | | [151](#i166ee5dc3c8a4d4eb5d55854c66e9003_190) | | |

| | | | [Properties](#i166ee5dc3c8a4d4eb5d55854c66e9003_190) | | | [151](#i166ee5dc3c8a4d4eb5d55854c66e9003_190) | | |

| | | | [Other Information](#i166ee5dc3c8a4d4eb5d55854c66e9003_1600) | | | [154](#i166ee5dc3c8a4d4eb5d55854c66e9003_1600) | | |

| | | | [Signatures](#i166ee5dc3c8a4d4eb5d55854c66e9003_199) | | | [165](#i166ee5dc3c8a4d4eb5d55854c66e9003_199) | | |

| [Item 1.](#i166ee5dc3c8a4d4eb5d55854c66e9003_19) | | | [Business](#i166ee5dc3c8a4d4eb5d55854c66e9003_19) | | | [7](#i166ee5dc3c8a4d4eb5d55854c66e9003_19) - [25](#i28ff6d7c327f4d4c94d9d20301ed01d3_4371), [81](#i166ee5dc3c8a4d4eb5d55854c66e9003_106) - [86](#i35bc3492a4b44af1870508df00bb9310_22128), [89](#i166ee5dc3c8a4d4eb5d55854c66e9003_109)\-99 | | |

OR

| | | | [Growth Organization](#ifc76e4f791754ea8af495170d59dcc15_31) | | | [18](#ifc76e4f791754ea8af495170d59dcc15_31) | | |

| | | | [Technology and Data Security](#ifc76e4f791754ea8af495170d59dcc15_46) | | | [23](#ifc76e4f791754ea8af495170d59dcc15_46) | | |

| | | | [Regulation](#ifc76e4f791754ea8af495170d59dcc15_55) | | | [25](#ifc76e4f791754ea8af495170d59dcc15_55) | | |

| | | | [Competition](#ifc76e4f791754ea8af495170d59dcc15_58) | | | [26](#ifc76e4f791754ea8af495170d59dcc15_58) | | |

| | | | [Liquidity](#ifc76e4f791754ea8af495170d59dcc15_76) | | | [51](#ifc76e4f791754ea8af495170d59dcc15_76) | | |

| | | | [Capital](#ifc76e4f791754ea8af495170d59dcc15_82) | | | [54](#ifc76e4f791754ea8af495170d59dcc15_82) | | |

| [RISKS](#ifc76e4f791754ea8af495170d59dcc15_94) | | | | | | [59](#ifc76e4f791754ea8af495170d59dcc15_94) | | |

| | | | [Risk Management](#ifc76e4f791754ea8af495170d59dcc15_100) | | | [80](#ifc76e4f791754ea8af495170d59dcc15_100) | | |

| [REGULATION](#ifc76e4f791754ea8af495170d59dcc15_103) | | | | | | [86](#ifc76e4f791754ea8af495170d59dcc15_103) | | |

| | | | [Consolidated Financial Statements](#ifc76e4f791754ea8af495170d59dcc15_112) | | | [105](#ifc76e4f791754ea8af495170d59dcc15_112) | | |

| | | | [Controls and Procedures](#ifc76e4f791754ea8af495170d59dcc15_181) | | | [142](#ifc76e4f791754ea8af495170d59dcc15_181) | | |

| [OTHER KEY INFORMATION](#ifc76e4f791754ea8af495170d59dcc15_184) | | | | | | [143](#ifc76e4f791754ea8af495170d59dcc15_184) | | |

| | | | [Properties](#ifc76e4f791754ea8af495170d59dcc15_184) | | | [143](#ifc76e4f791754ea8af495170d59dcc15_184) | | |

| | | | [Signatures](#ifc76e4f791754ea8af495170d59dcc15_193) | | | [156](#ifc76e4f791754ea8af495170d59dcc15_193) | | |

| [Item 1.](#ifc76e4f791754ea8af495170d59dcc15_16) | | | [Business](#ifc76e4f791754ea8af495170d59dcc15_16) | | | [7](#ifc76e4f791754ea8af495170d59dcc15_16) - [26](#i082c7d15102e4c429127dac9beeafa9e_4180), [80](#ifc76e4f791754ea8af495170d59dcc15_100) - 95 | | |

| [I](#i166ee5dc3c8a4d4eb5d55854c66e9003_1633)[tem 1C.](#i166ee5dc3c8a4d4eb5d55854c66e9003_1633) | | | [C](#i166ee5dc3c8a4d4eb5d55854c66e9003_1633)[ybersecurity](#i166ee5dc3c8a4d4eb5d55854c66e9003_1633) | | | [87](#i166ee5dc3c8a4d4eb5d55854c66e9003_1633) - 88 | | |

| [Item 2.](#i166ee5dc3c8a4d4eb5d55854c66e9003_190) | | | [Properties](#i166ee5dc3c8a4d4eb5d55854c66e9003_190) | | | [151](#i166ee5dc3c8a4d4eb5d55854c66e9003_190) | | |

| [Item 3.](#i166ee5dc3c8a4d4eb5d55854c66e9003_184) | | | [Legal Proceedings](#i166ee5dc3c8a4d4eb5d55854c66e9003_184) | | | [149](#i166ee5dc3c8a4d4eb5d55854c66e9003_184) | | |

| | | | | | | | | |

| [Item 2.](#ifc76e4f791754ea8af495170d59dcc15_184) | | | [Properties](#ifc76e4f791754ea8af495170d59dcc15_184) | | | [143](#ifc76e4f791754ea8af495170d59dcc15_184) | | |

| [Item 3.](#ifc76e4f791754ea8af495170d59dcc15_178) | | | [Legal Proceedings](#ifc76e4f791754ea8af495170d59dcc15_178) | | | [140](#ifc76e4f791754ea8af495170d59dcc15_178) - 141 | | |

| [Item [removed: 5.](#ifc76e4f791754ea8af495170d59dcc15_187)] [added: 5.](#i166ee5dc3c8a4d4eb5d55854c66e9003_193)] | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#ifc76e4f791754ea8af495170d59dcc15_187)] [added: Securities](#i166ee5dc3c8a4d4eb5d55854c66e9003_193)] | | | [removed: [144](#ifc76e4f791754ea8af495170d59dcc15_187)] [added: [152](#i166ee5dc3c8a4d4eb5d55854c66e9003_193)] - [removed: 145] [added: 153] | | |

| [Item [removed: 7.](#ifc76e4f791754ea8af495170d59dcc15_61)] [added: 7.](#i166ee5dc3c8a4d4eb5d55854c66e9003_67)] | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ifc76e4f791754ea8af495170d59dcc15_61)] [added: Operations](#i166ee5dc3c8a4d4eb5d55854c66e9003_67)] | | | [removed: [27](#ifc76e4f791754ea8af495170d59dcc15_61)] [added: [26](#i166ee5dc3c8a4d4eb5d55854c66e9003_67)] - [removed: 52, [54](#ifc76e4f791754ea8af495170d59dcc15_82)] [added: 51, [54](#i166ee5dc3c8a4d4eb5d55854c66e9003_88)] - 58 | | |

| [Item [removed: 7A.](#ifc76e4f791754ea8af495170d59dcc15_79)] [added: 7A.](#i166ee5dc3c8a4d4eb5d55854c66e9003_85)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ifc76e4f791754ea8af495170d59dcc15_79)] [added: Risk](#i166ee5dc3c8a4d4eb5d55854c66e9003_85)] | | | [removed: [52](#ifc76e4f791754ea8af495170d59dcc15_79)] [added: [52](#i166ee5dc3c8a4d4eb5d55854c66e9003_85)] - [removed: 54] [added: 53] | | |

| [Item [removed: 8.](#ifc76e4f791754ea8af495170d59dcc15_109)] [added: 8.](#i166ee5dc3c8a4d4eb5d55854c66e9003_115)] | | | [Financial Statements and Supplementary [removed: Data](#ifc76e4f791754ea8af495170d59dcc15_109)] [added: Data](#i166ee5dc3c8a4d4eb5d55854c66e9003_115)] | | | [removed: [101](#ifc76e4f791754ea8af495170d59dcc15_109)] [added: [106](#i166ee5dc3c8a4d4eb5d55854c66e9003_115)] - [removed: 141] [added: 149] | | |

| [Item [removed: 9A.](#ifc76e4f791754ea8af495170d59dcc15_181)] [added: 9A.](#i166ee5dc3c8a4d4eb5d55854c66e9003_187)] | | | [Controls and [removed: Procedures](#ifc76e4f791754ea8af495170d59dcc15_181)] [added: Procedures](#i166ee5dc3c8a4d4eb5d55854c66e9003_187)] | | | [removed: [142](#ifc76e4f791754ea8af495170d59dcc15_181)] [added: [150](#i166ee5dc3c8a4d4eb5d55854c66e9003_187)] | | |

| [Item 9B.](#i166ee5dc3c8a4d4eb5d55854c66e9003_1600) | | | [Other Information](#i166ee5dc3c8a4d4eb5d55854c66e9003_1600) | | | [154](#i166ee5dc3c8a4d4eb5d55854c66e9003_1600) | | |

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| [Item [removed: 15.](#ifc76e4f791754ea8af495170d59dcc15_190)] [added: 15.](#i166ee5dc3c8a4d4eb5d55854c66e9003_196)] | | | [Exhibits and Financial Statement [removed: Schedules](#ifc76e4f791754ea8af495170d59dcc15_190)] [added: Schedules](#i166ee5dc3c8a4d4eb5d55854c66e9003_196)] | | | [removed: [146](#ifc76e4f791754ea8af495170d59dcc15_190)] [added: [155](#i166ee5dc3c8a4d4eb5d55854c66e9003_196)] - [removed: 155] [added: 164] | | |

(a)Incorporated by reference to “Management”, “Election of Directors,” “Governance Principles,” “Code of Conduct” and “Committees of the Board of the Directors” in our definitive proxy statement for our [removed: 2023] [added: 2024] Annual Meeting of Stockholders to be held on [removed: May 18, 2023,] [added: June 11, 2024,] which will be filed within 120 days of the end our fiscal year ended December 31, [removed: 2022] [added: 2023] (the [removed: “2023] [added: “2024] Proxy Statement”).

(b)Incorporated by reference to “Compensation Discussion and Analysis,” [removed: “2022] [added: “2023] Executive Compensation,” “Management Development and Compensation Committee Report” and “Management Development and Compensation Committee Interlocks and Insider Participation” and “CEO Pay Ratio” in the [removed: 2023] [added: 2024] Proxy Statement.

(c)Incorporated by reference to “Beneficial Ownership” and “Equity Compensation Plan Information” in the [removed: 2023] [added: 2024] Proxy Statement.

(d)Incorporated by reference to “Related Person Transactions,” “Election of Directors” and “Committees of the Board of Directors” in the [removed: 2023] [added: 2024] Proxy Statement.

(e)Incorporated by reference to “Independent Auditor” in the [removed: 2023] [added: 2024] Proxy Statement.

Information with respect to partner “locations” in this report is given at December 31, [removed: 2022.][added: 2023.]

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 [removed: 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;] [added: anticipated;] retaining existing partners and attracting new partners, concentration of our revenue in a small number of partners, and promotion and support of our products by our partners; cyber-attacks or other security [added: incidents or] breaches; disruptions in the operations of our and our outsourced partners' computer systems and data centers; the financial performance of our partners; the [added: CFPB’s proposed rule on credit card late fees if adopted as proposed; 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 [removed: procedures,] [added: procedures;] reliance on models which may be inaccurate or [removed: misinterpreted,] [added: 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 [removed: acquisitions] [added: acquisitions, dispositions] 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 [removed: business;] [added: business, including new requirements and constraints that Synchrony and the Bank will become subject to as a result of having $100 billion or more in total assets;] 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.

During [removed: 2022,] [added: 2023,] we financed [removed: $180.2] [added: $185.2] billion of purchase volume, and at December 31, [removed: 2022,] [added: 2023,] we had [removed: $92.5] [added: $103.0] billion of loan receivables and [removed: 70.8] [added: 73.5] million active accounts.

We have been able to demonstrate our digital capabilities by providing solutions that meet the needs of our partners and customers, with approximately [removed: 57%] [added: 58%] of our consumer revolving applications in [removed: 2022] [added: 2023] processed through a digital channel.

At December 31, [removed: 2022,] [added: 2023,] we had [removed: $71.7] [added: $81.2] billion in deposits, which represented 84% of our total funding sources.

[removed: ][added: ]

Home & Auto accounted for [removed: $4.7] [added: $5.3] billion, or [removed: 28%,] [added: 26%,] of our total interest and fees on loans for the year ended December 31, [removed: 2022.][added: 2023.]

Our Home & Auto sales platform partners include a wide range of key retailers in the home improvement, furniture, bedding, [added: flooring,] appliance and electronics industry, such as Ashley HomeStores LTD, [added: Floor & Decor,] Lowe's, and Mattress Firm, as well as automotive merchandise and services, such as Chevron and Discount Tire.

In addition, we also have program agreements with [added: manufacturers,] buying [removed: groups, manufacturers] [added: groups] and industry associations, such as [added: Generac,] Nationwide Marketing Group and the Home Furnishings Association.

At December 31, [removed: 2022,] [added: 2023,] the length of our relationship with each of our five largest partners was over 10 years, and in the case of Lowe's, [removed: 43] [added: 44] years.

| [removed: 2022] [added: 2023] Partner Agreements: | | | | | | | | |

We enable our partners to deepen consumer engagement by embedding payments and financing solutions, [added: delivering] compelling value and rewards, and [added: providing] personalized offers within seamless [removed: experiences, as well as extend digital relationships to in-person commerce.][added: experiences.]

Digital accounted for [removed: $4.6] [added: $5.9] billion, or [removed: 27%,] [added: 30%,] of our total interest and fees on loans for the year ended December 31, [removed: 2022.][added: 2023.]

At December 31, [removed: 2022,] [added: 2023,] the length of our relationship with each of our four largest partners was over 10 years, and in the case of PayPal, [removed: 18] [added: 19] years.

| Program extensions: | | | • [removed: ShopHQ] [added: Belk] | | | | | |

Diversified & Value accounted for [removed: $3.6] [added: $4.5] billion, or [removed: 21%,] [added: 23%,] of our total interest and fees on loans for the year ended December 31, [removed: 2022.][added: 2023.]

At December 31, [removed: 2022,] [added: 2023,] the length of our relationship with each of these five partners was over 10 years, and in the case of Sam’s Club, [removed: 29] [added: 30] years.

| Program extensions: | | | • [removed: Fleet Farm] [added: Belk] | | | | | |

Our Health & Wellness sales platform provides comprehensive healthcare payments and financing solutions, through a network of providers and health systems, for those seeking health and wellness care for themselves, their families and their pets, and includes [removed: key brands such as] [added: our] CareCredit [removed: and Pets Best,] [added: brand,] as well as partners such as Walgreens.

Health & Wellness accounted for [removed: $2.7] [added: $3.2] billion, or 16%, of our total interest and fees on loans for the year ended December 31, [removed: 2022.][added: 2023.]

In addition, we also have over [removed: 150] [added: 160] relationships with professional and other associations (including the American Dental Association and the American Veterinary Medical Association), manufacturers and buying groups, which endorse and promote our credit products to their members.

At December 31, [removed: 2022,] [added: 2023,] we had a network of Health & Wellness providers and health-focused retailers that collectively have over [removed: 266,000] [added: 270,000] locations.

Excluding our program agreement with Walgreens, no single Health & Wellness partner accounted for more than [removed: 0.4%] [added: 0.5%] of our total interest and fees on loans for the year ended December 31, [removed: 2022.][added: 2023.]

[removed: Dental providers] [added: Accounts originated in dental practices] accounted for [removed: 53%] [added: 52%] of Health & Wellness interest and fees on loans for the year ended December 31, [removed: 2022.][added: 2023.]

During [removed: 2022] [added: 2023] over [removed: 200,000] [added: 210,000] locations either processed a CareCredit application or made a sale on a CareCredit credit [removed: card] [added: card,] and our CareCredit provider locator averaged over [removed: 1.6] [added: 2.1] million [removed: searches] [added: views] per month during the year ended December 31, [removed: 2022.][added: 2023.]

Credit extended in this platform, other than [added: for] our apparel and sporting goods retail partners, is primarily promotional financing.

Lifestyle accounted for [removed: $814 million,] [added: $1.0 billion,] or 5%, of our total interest and fees on loans for the year ended December 31, [removed: 2022.][added: 2023.]

Our Lifestyle sales platform partners include a wide range of key retailers in the apparel, specialty retail, outdoor, music and luxury industry, such as American Eagle, Dick's Sporting Goods, Guitar Center, [removed: Sweetwater,] Kawasaki, [added: Pandora,] Polaris, Suzuki and [removed: Pandora.][added: Sweetwater.]

At December 31, [removed: 2022,] [added: 2023,] the length of our relationship with each of our five largest partners was over 10 years, and in the case of American Eagle, [removed: 26] [added: 27] years.

[removed: Activity] [added: Prior year activity] in Corp, Other primarily includes amounts associated with the Gap Inc. and BP portfolios, which were both sold in the second quarter of 2022.

In addition to our revolving [removed: product,] [added: products,] we also offer secured installment loans for certain large purchases, primarily for power sports and outdoor power equipment, and also offer unsecured installment loans primarily in our Health and Wellness sales platform and through our other installment products, such as our Synchrony Pay in 4 product for short-term loans.

Our five largest programs based upon interest and fees on loans for the year ended December 31, [removed: 2022,] [added: 2023,] were Amazon, JCPenney, Lowe’s, PayPal and Sam’s Club.

These programs accounted in aggregate for [removed: 53%] [added: 55%] of our total interest and fees on loans for the year ended December 31, [removed: 2022,] [added: 2023,] and [removed: 52%] [added: 51%] of loan receivables at December 31, [removed: 2022.][added: 2023.]

Our programs with [removed: Lowe's and] [added: Lowe's,] PayPal, which includes our Venmo program, [added: and Sam's Club,] each accounted for more than 10% of our total interest and fees on loans for the year ended December 31, [removed: 2022.][added: 2023.]

The length of our relationship with each of our five largest partners is over [removed: 15] [added: 16] years, and in the case of Lowe's, [removed: 43] [added: 44] years.

| [Signatures](#i166ee5dc3c8a4d4eb5d55854c66e9003_199) | | | | | | [165](#i166ee5dc3c8a4d4eb5d55854c66e9003_199) - 167 | | |

| New partnerships: | | | • Big Brand Tire & Service | | | • LG Air Conditioning | | |

| • GreatWater 360 Auto Care | | | • Roto Rooter | | | | | |

| • Installation Made Easy | | | | | | | | |

| Program extensions: | | | • CCA Global Partners | | | • Living Space | | |

| • CertainPath | | | • LoveSac | | | | | |

| • Conn's | | | • Morris Furniture Company | | | | | |

| • Haverty's Furniture | | | • Rheem | | | | | |

| • Haynes | | | • York | | | | | |

| • Horizon | | | | | | | | |

We also work with our partners to extend digital relationships to in-person commerce.

In November 2023, we entered into an agreement for the sale of Pets Best for consideration comprising a combination of cash and an equity interest in Independence Pet Holdings, Inc. The transaction is expected to close in the first quarter of 2024.

| 2023 Partner Agreements: | | | | | | | | |

| New partnerships: | | | • Albertsons Companies | | | • Marquee Dental Partners | | |

| • AmeriVet Veterinary Partners | | | • O'Brien Vet Group | | | | | |

| • Destination Pet | | | • Sonova | | | | | |

| • Hand & Stone | | | • Specialty 1 Partners | | | | | |

| • Heart and Paw | | | • Valley Veterinary | | | | | |

| Extensions: | | | • American Dental Association | | | • The Good Feet Store | | |

| • Academy of General Dentistry | | | • NVA | | | | | |

| • The Aspen Group | | | • PetVet Care Centers | | | | | |

| 2023 Partner Agreements: | | | | | | | | |

| New partnerships: | | | • J.Crew | | | | | |

| Program extensions: | | | • Club Champion | | | • Robbins Brothers | | |

| • Handi Quilter | | | • The Alliance of Independent Music Merchants | | | | | |

| • JTV | | | • The Container Store | | | | | |

| • Park West Gallery | | | • Vanderhall Motorworks | | | | | |

| • Piaggio | | | | | | | | |

Our partners leverage our teams' expertise in financial services marketing for both business to business and business to consumers, to complement their brand promotions.

Product Development

We are focused on continuing to scale our multi-product offerings to our customers and partners.

This encompasses investing in a dedicated innovation team, who collaborate with our partners and prospective partners, to seek competitive advantage in the marketplace and provide opportunities for business growth.

Our product suite includes Synchrony’s Pay Later solution, which was offered at an expanded number of partners during 2023.

The Synchrony Pay Later solution can come in the form of a pay monthly product, as well as a pay in 4 product that charges no interest and fees, and requires the consumer to make four equal payments to pay off their purchase.

Both of these products enhance our ability to execute our multi-product strategy – looking to identify the best product for the customer and our partners.

In 2023 we also launched a website consolidation effort to create a more unified set of digital properties.

The new property also includes an improved marketplace, where consumers can shop a broad set of Synchrony partner brands, login to service their accounts, and find credit card offers from Synchrony.

| Credit cards | | | 59.5 | | % | | | | 19.3 | | % | | | | 15.4 | | % | | | | 94.2 | | % |

| Consumer installment loans | | | — | | | | | | 0.2 | | | | | | 3.7 | | | | | | 3.9 | | |

Payment Security Program

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| [Signatures](#ifc76e4f791754ea8af495170d59dcc15_193) | | | | | | [156](#ifc76e4f791754ea8af495170d59dcc15_193) - 158 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| New partnerships: | | | • Bassett | | | • Furnitureland South | | |

| • Floor & Decor | | | | | | | | |

| Program extensions: | | | • Broad River | | | • Mavis | | |

| • Cardi's | | | • Metro Mattress | | | | | |

| • Dufresne Spencer Group | | | • Mitsubishi Electric Trane HVAC | | | | | |

| • Generac Power Systems | | | • NAPA AutoCare | | | | | |

| • Home Zone | | | • Nationwide Marketing Group | | | | | |

| • Ivan Smith Furniture | | | • New South Window Solutions | | | | | |

| • Knoxville Wholesale Furniture | | | • Regency Furniture Showrooms | | | | | |

| • Lowe's | | | • Rooms to Go | | | | | |

| • Mathis Brothers | | | • Sleep Number | | | | | |

| • Mattress Warehouse | | | • Sit 'N Sleep | | | | | |

| New partnerships: | | | • Beacon Dental | | | • Service Corporation International | | |

| • Buffalo Veterinary Group | | | • Smile Design Dentistry | | | | | |

| • Ligthwave Dental | | | • Suveto | | | | | |

| • Mission Veterinary Partners | | | • The Smilist | | | | | |

| • Mt Laurel Veterinary Services | | | • Veterinary Practice Partners | | | | | |

| • Rarebreed Veterinary Partners | | | • 100% Chiropractic | | | | | |

| Extensions: | | | • Encore Vet Group | | | • Sage Dental | | |

| • Interdent | | | • Sono Bello | | | | | |

| • Lucid | | | • VetCor | | | | | |

| • Nvision | | | | | | | | |

During the year ended December 31, 2022 we also expanded our partnership with AdventHealth to offer CareCredit as the primary patient financing solution across a nationwide footprint.

Additionally, we announced our integration with Sycle, to deliver a comprehensive financing solution suite.

| New partnerships: | | | • American Trailer World | | | • Mercury Ring | | |

| Program extensions: | | | • Brother | | | • Reeds | | |

| • Guitar Center | | | • Sam Ash | | | | | |

| • Janome | | | • Sweetwater | | | | | |

| • Kevin Jewelers | | | • Suzuki | | | | | |

| • KTM | | | • Suzuki Marine | | | | | |

| • Kymco | | | | | | | | |

During the year ended December 31, 2022 we extended our program agreement with Lowe's.

Under the terms of the program agreements, manufacturers and industry associations generally agree to support and promote the respective programs.

| Credit cards | | | 58.4 | | % | | | | 20.1 | | % | | | | 16.3 | | % | | | | 94.8 | | % |

For some of our partners who have locations in Canada, we also support the issuance and acceptance of private label credit cards at their locations in Canada and from customers in Canada.

We hold two U.S. patents relating to the process by which our Dual Cards function as a private label credit card when used to make purchases from our partners and function as a general purpose credit card when used on the systems of other credit card associations.

We currently do not issue Dual Cards or general purpose co-branded credit cards in Canada.

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