Morgan Stanley defends M&A price tags — Tech salaries at payment giants — Robinhood's customer service woes

Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid

Summary List Placement

Happy Friday!

Bloomberg had a report on Thursday on nearly 2,000 customer accounts at Robinhood being comprised. The news comes after a previous report from Bloomberg regarding the hacks in which the $11.2 billion fintech downplayed the incident, saying it impacted “a limited number of customers.”

The story hits on a major theme impacting all consumer-facing fintechs: customer service.

For a long time, many personal finance startups have avoided maintaining customer service telephone lines, often explaining that their users didn’t want to get on the phone and would rather email or chat online.

It’s a convenient explanation, as it allows them to save money. It’s also, in my eyes, not true. No matter your age, when your money is suddenly at risk, you want to get on the phone with someone pronto. 

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Morgan Stanley’s big bet

FILE PHOTO:  James P. Gorman, chairman & CEO of Morgan Stanley, testifies before a House Financial Services Committee hearing on

The last of the big US banks reported quarterly earnings on Thursday, and it had plenty to talk about

Morgan Stanley has had quite the 2020. First came the E-Trade deal, which was announced in February, valued at $13 billion at the time. Then this month, less than a week after closing that deal, the big bank announced its plans to acquire Eaton Vance for $7 billion

Still, James Gorman, Morgan Stanley’s chief executive, made clear on Thursday’s call with analysts that you shouldn’t expect a string of additional deals out of the big bank.

Reed Alexander has the recap from Thursday’s call

Click here to read the entire story.


Payments tech salaries revealed: Here’s what engineers are getting paid at Amex, Mastercard, PayPal, Square, and Visa

contactless payments finance 3 4x3

Here’s some more salary data for ya. Shannen Balogh took a look at what engineers get paid at the biggest payment players. Take a look at what you can expect to get paid at some the key players updating and maintaining the industry’s payment rails. Check out all the data here


Odd lots:

Ray McGuire to leave Citigroup to run for mayor of New York (CNBC)

Dr. Pimple Popper soothes the internet with her cyst-popping videos, but the celebrity dermatologist cuts more than skin deep (Insider)

Banks Brace for ‘Big Bang’ Switch on $80 Trillion Worth of Swaps (Bloomberg)

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Morgan Stanley defends M&A price tags — Tech salaries at payment giants — Robinhood's customer service woes