Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Facebook    FB

FACEBOOK

(FB)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Facebook : ECB's Costa says banks need to act fast as tech firm rivalry looms

share with twitter share with LinkedIn share with facebook
share via e-mail
10/22/2019 | 10:34am EDT
FILE PHOTO: Bank of Portugal Governor Carlos Costa listens at a conference in

LISBON (Reuters) - European banks must be flexible and quick to act to avoid losing clients as they face imminent rivalry from global technology firms and digital banking apps, European Central Bank board member Carlos Costa said on Tuesday.

Costa, who is also the head of the Bank of Portugal, told a conference in Lisbon that financial supervisors such as central banks also need to adopt new tools to deal with "the new reality" of fast-changing financial technology and companies like Facebook or Google moving into finance.

"Although the 'Big Tech' is currently limited to Asia-Pacific and North America, we must not forget that they have a global vocation and that their expansion into the European market is a matter of time," Costa said.

"The banking business model as we know it will inevitably undergo profound changes," he added, pointing to comparative advantages of tech firms over banks in using big data and artificial intelligence for credit analysis and risk assessment.

Last December, Alphabet Inc Google and digital banking app Revolut obtained banking licences in Lithuania, which is part of the European Union and the euro zone.

"There will be an adjustment on the banks' side. Banks will have to be flexible and quick in anticipating client needs and the evolution of the market so as not to lose the direct relationship they have built with their customers," Costa said.

(Reporting by Sergio Goncalves; Editing by Andrei Khalip/Mark Heinrich)

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.08% 1433.52 Delayed Quote.7.03%
FACEBOOK -0.16% 225.09 Delayed Quote.9.67%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on FACEBOOK
05/29Wall Street ends mostly higher as U.S.-China spat simmers
RE
05/29Saudi Arabia's PIF gets $40 billion from foreign reserves to fund overseas in..
RE
05/29FACEBOOK INC : Submission of Matters to a Vote of Security Holders (form 8-K)
AQ
05/29TWITTER : Flags Trump Tweet About Minneapolis Protests for 'Glorifying Violence'..
DJ
05/29TWITTER : Flags Trump Tweet About Minneapolis Protests for 'Glorifying Violence'..
DJ
05/29TWITTER : Flags Trump Tweet About Minneapolis Protests for 'Glorifying Violence'..
DJ
05/29Twitter, internet group oppose U.S. rules requiring visitors to disclose soci..
RE
05/29TWITTER : Flags Trump Tweet About Minneapolis Protests for 'Glorifying Violence'..
DJ
05/29TWITTER : Flags Trump Tweet About Minneapolis Protests for 'Glorifying Violence'..
DJ
05/29TECH'S FIRST BIG PLAN TO TACKLE COVI : 'An App Is Not Going to Fix This.'
DJ
More news
Financials (USD)
Sales 2020 77 041 M - -
Net income 2020 20 813 M - -
Net cash 2020 63 175 M - -
P/E ratio 2020 31,3x
Yield 2020 -
Capitalization 641 B 641 B -
EV / Sales 2019
EV / Sales 2020 7,50x
Nbr of Employees 48 268
Free-Float 83,8%
Chart FACEBOOK
Duration : Period :
Facebook Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FACEBOOK
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 50
Average target price 241,27 $
Last Close Price 225,09 $
Spread / Highest target 33,3%
Spread / Average Target 7,19%
Spread / Lowest Target -46,7%
EPS Revisions
Managers
NameTitle
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
FACEBOOK9.67%641 305
MATCH GROUP, INC.8.44%25 300
TWITTER-3.37%24 254
LINE CORPORATION0.75%12 005
SINA CORPORATION-21.59%2 047
NEW WORK SE-3.77%1 756