Morgan Stanley defends M&A price tags — Tech salaries at payment giants — Robinhood's customer service woes
Advertisement
Dan DeFrancesco
Oct 16, 2020, 16:21 IST
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 NYSE in New YorkReuters
Happy Friday!
Advertisement
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.
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.
NewsletterSIMPLY PUT - where we join the dots to inform and inspire you. Sign up for a weekly brief collating many news items into one untangled thought delivered straight to your mailbox.