Facebook and its co-defendants — banks including Morgan Stanley, the lead underwriter of its initial public offering — are seeking dismissal of a lawsuit on the grounds that the social network had no obligation to publicly disclose internal projections on how increased mobile usage and product decisions might affect future revenue.
Many banks are turning to Facebook as a way to reach out to their customers. New statistics by Quintly (formerly AllFacebook Stats) show that Bank of America leads the pack in this regard, with more Facebook fans than any other financial institution.
It’s no secret that Facebook is trying to become a destination site, where you do pretty much everything possible online through the social network. According to CNN/Fortune, you might soon be able to do your banking on Facebook, too.
Deutsche Bank, Credit Suisse, and Citigroup will likely join the group of banks underwriting Facebook’s upcoming initial public offering.
We’ve already established that Facebook can affect how users are perceived by schools’ admissions officers and potential places of employment. Financial institutions are next on the warning list.
Rogue UBS trade Kweku Adoboli used Facebook to talk about his alleged crimes with the market rise and falls.
Financial professionals are still figuring out whether and how they can use Facebook in a way that doesn’t upset regulators.