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Global payments powerhouse PayPal may be considering expanding into the retail investing business, reports have claimed.

According to CNBC, the company is considering allowing its users to trade stocks and has, to that end, hired brokerage industry veteran Rich Hagen. After leaving his position of CEO at Ally Invest, Hagen joined Invest at PayPal, a brand new division about which there are very few details at the moment, although his LinkedIn account notes Hagen is tasked with “exploring opportunities” in the consumer investment business. 

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By Editor