Congress Will Fight Google-Citi Checking Account, Cowen Says
- Big banks, big tech are ‘politically toxic’ in Washington
- Facebook’s Libra, Goldman-Apple card already face scrutiny
Photographer: Michael Nagle/Bloomberg
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Google’s plans to roll out a checking-account service with Citigroup and a California credit union will likely meet with “stiff political opposition” amid consumer privacy concerns and rancor toward financial and tech companies, according to Cowen.
“There is a real debate about whether big tech or big banks are more politically toxic in Washington,” analyst Jaret Seiberg wrote in a note. “We don’t see how combining the two will make either less contentious.”