| 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. If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals. We are also looking for nominations for our first-ever Rising Stars of Real Estate. Get all the details on how to apply here. Like the newsletter? Hate the newsletter? Feel free to drop me a line at ddefrancesco@businessinsider.com or on Twitter @DanDeFrancesco.
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.
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