Ally Financial, CardWorks call off $2.7B merger deal, citing uncertainty around Covid-19

The deal is off. Ally Financial Inc. (NYSE: ALLY) and Cardholder Management Services Inc., or CardWorks, will not merge later this year. "Given the unprecedented economic and market conditions resulting from the Covid-19 global pandemic, Don Berman and I, along with our boards of directors, believe it is in the best interests of our customers and stakeholders to terminate the agreement," Ally CEO Jeffrey Brown said in a statement. "This was a difficult decision to make following a long process…