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Lionel Laurent

Big Tech Firms Are Behaving Like Big Banks

All that remains is for regulators to treat them like it.
M&T Bank Corp. Branches Ahead Of Earnings Figures
Photographer: Daniel Tepper/Bloomberg

Picture a bank that lends $1 billion to small businesses in 12 months, holds $150 billion in corporate bonds, runs the world's largest money-market fund, offers mobile payments and credit cards, and gives customers cash balances that can be topped up across thousands of homely bricks-and-mortar outlets.

Except it's not really a bank at all, but a technology firm.