As a long standing employee, I pinpointed the exact time and reason why we started going down hill and the main culprit was Dan Schulmann. Rather than using the post Covid high to become a fully fledged online bank competing with likes of JP Morgan Chase and Citi , he chased mirage acquisitions like Honey and Pinterest. Alex Chriss came and realized the mistake a bit late. Now it's too late. We would most likely be acquired by a bank we could have been.
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@a6 and that's the kind of thinking that has many other platforms eating it's lunch.
So?
You could personally apply to try to secure the position of being the chairman of the board of governors of the federal reserve, but unless you actually lock it in for certain, you're NOT.
Talk is cheap.
Applying isn't having been accepted.
Submitting paperwork alone isn't a done deal.
Partially going through the motions isn't following through all the way.
Trying isn't succeeding.
Pending isn't approved.
@a6 we applied for a bank charter
Pssst!
Paypal isn't a bank.
It never was a bank, it doesn't aspire to be a bank, and it's never going to be a bank.
It's a FinTech online payments system.
That's it.
Nothing more, nothing less.
For those who have been here longer, I'd say the mistake comes from before. With David Marcus, he was full of great ideas to modernise PayPal and make it a full payments like Revolut, instead, they got rid of him...