(Reuters) -Shares of PayPal Holdings Inc jumped on Monday after a report that it is exploring ways to let its U.S. customers trade individual stocks on its platform.
The payments company also hired brokerage industry veteran Rich Hagen, CNBC reported, citing two sources familiar with the matter. Hagen is the chief executive officer of Invest at PayPal, as well as the co-founder and former president of brokerage Ally Invest, according his LinkedIn page.
PayPal did not immediately respond to a Reuters request for comment.
PayPal’s shares spiked higher and were last up 3%.
Robinhood Markets , whose fee-free smartphone stock trading app is widely used by retail investors, extended an earlier decline and was last down 4.4%.
(Reporting by Sohini Podder in Bengaluru; additional reporting by Noel Randewich in Oakland, California; Editing by Amy Caren Daniel)
