Facebook is seeking personal financial data
Facebook is seeking personal financial data via its Messenger app including credit card balances, checking account balances, etc. in an attempt to deepen its relationship with users. According to a WSJ article, Facebook has been in negotiations with the likes of JPMorgan, Wells Fargo, Citigroup and U.S. Bancorp over the past year to connect their banking clients via Messenger. Perversely, the move is an attempt to restore some lost earnings momentum after rising expenses related to data privacy, though therein lies the rub -- who's going to want Facebook to have access to their financial details given their past mishandling of that data? Indeed, JP Morgan opted out given data privacy concerns. Facebook is 0.7% firmer in early trade, while stocks are mixed.