We don’t care, we don’t have to, we’re Facebook

Facebook is in negotiations with banks to exchange contact with its users in exchange for the bank’s financial data on its customers.

Seriously, Mark Zuckerburg’s new motto must be, “We’re evil.  We don’t care, We don’t have to, we’re Facebook.”

The social-media giant has asked large U.S. banks to share detailed financial information about their customers, including card transactions and checking-account balances, as part of an effort to offer new services to users.

Facebook increasingly wants to be a platform where people buy and sell goods and services, besides connecting with friends. The company over the past year asked JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and U.S. Bancorp o discuss potential offerings it could host for bank customers on Facebook Messenger, said people familiar with the matter.

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Facebook has told banks that the additional customer information could be used to offer services that might entice users to spend more time on Messenger, a person familiar with the discussions said. The company is trying to deepen user engagement: Investors shaved more than $120 billion from its market value in one day last month after it said its growth is starting to slow.

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Facebook said it wouldn’t use the bank data for ad-targeting purposes or share it with third parties.

Yes, the word of Facebook.

This company has consistently made promises and broke them without a shred of remorse throughout its entire existence.

They are not be trusted.

As part of the proposed deals, Facebook asked banks for information about where its users are shopping with their debit and credit cards outside of purchases they make using Facebook Messenger, the people said. Messenger has some 1.3 billion monthly active users, Chief Operating Officer Sheryl Sandberg said on the company’s second-quarter earnings call last month.

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In recent years, Facebook has tried to transform Messenger into a hub for customer service and commerce, in keeping with a broader trend among mobile messaging services.

(Emphasis mine)

We really need to break up the internet giants, starting with Facebook.