Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in
Midtown Manhattan
Midtown Manhattan is the central portion of the New York City borough of Manhattan and serves as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Buildin ...
,
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the U ...
. It was co-founded by
Michael Bloomberg
Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, politician, philanthropist, and author. He is the majority owner, co-founder and CEO of Bloomberg L.P. He was Mayor of New York City from 2002 to 2013, and was a c ...
in 1981, with
Thomas Secunda,
Duncan MacMillan,
Charles Zegar, and a 12% ownership investment by
Bank of America
The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...
through their
brokerage
A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be conf ...
subsidiary
Merrill Lynch
Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banki ...
.
Bloomberg L.P. provides financial software tools and enterprise applications such as analytics and equity trading platform, data services, and news to financial companies and organizations through the
Bloomberg Terminal
The Bloomberg Terminal is a computer software system provided by the financial data vendor Bloomberg L.P. that enables professionals in the financial service sector and other industries to access Bloomberg Professional Services through which u ...
(via its Bloomberg Professional Service), its core
revenue
In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business.
Commercial revenue may also be referred to as sales or as turnover. Some companies receive rev ...
-generating product. Bloomberg L.P. also includes a
news agency
A news agency is an organization that gathers news reports and sells them to subscribing news organizations, such as newspapers, magazines and radio and television broadcasters. A news agency may also be referred to as a wire service, newswi ...
(
Bloomberg News
Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg Televi ...
), a global television network (
Bloomberg Television
Bloomberg Television (on-air as Bloomberg) is an American-based pay television network focusing on business and capital market programming, owned by Bloomberg L.P. It is distributed globally, reaching over 310 million homes worldwide. It is he ...
), websites, radio stations (
Bloomberg Radio
Bloomberg Radio is a radio service of Bloomberg L.P. that provides global business news programming 24 hours a day. The format is general and financial news, offering local, national and international news reports along with financial market up ...
), subscription-only newsletters, and two magazines: ''
Bloomberg Businessweek
''Bloomberg Businessweek'', previously known as ''BusinessWeek'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City ...
'' and ''
Bloomberg Markets
''Bloomberg Markets'' is a magazine published six times a year by Bloomberg L.P. as part of Bloomberg News. Aimed at global financial professionals, ''Bloomberg Markets'' publishes articles on the people and issues related to global financial ma ...
''.
The company has 176 locations and nearly 20,000 employees.
In May 2022, Bloomberg announced it would launch a new venture in the UK, Bloomberg UK, as part of a wider international strategy. Bloomberg UK plans to hire in the region and has launched a standalone website, a weekly video series, a podcast and new event series.
History
In 1981,
Salomon Brothers
Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York. It was one of the five largest investment banking enterprises in the United States and the most profitable firm on Wall Street duri ...
was acquired, and
Michael Bloomberg
Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, politician, philanthropist, and author. He is the majority owner, co-founder and CEO of Bloomberg L.P. He was Mayor of New York City from 2002 to 2013, and was a c ...
, a general partner, was given a $10million partnership settlement.
Bloomberg, having designed in-house computerized financial systems for Salomon,
used his $10million partnership buyout to start Innovative Market Systems (IMS).
Bloomberg developed and built his own computerized system to provide real-time market data, financial calculations and other financial analytics to
Wall Street
Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for ...
firms. The Market Master terminal, later called the Bloomberg Terminal, was released to market in December 1982.
Merrill Lynch
Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment banki ...
became the first customer, purchasing 20 terminals and a 30% equity stake in the company for $30million in exchange for a five-year restriction on marketing the terminal to Merrill Lynch's competitors.
Merrill Lynch released IMS from this restriction in 1984.
In 1986, the company renamed itself Bloomberg L.P. (
limited partnership
A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited ...
). Bloomberg launched Bloomberg Business News, later Bloomberg News, in 1990, with
Matthew Winkler as editor-in-chief. Bloomberg.com was first established on September 29, 1993, as a financial portal with information on markets,
currency conversion, news and events, and Bloomberg Terminal subscriptions.
In late 1996, Bloomberg bought back one-third of Merrill Lynch's 30 percent stake in the company for $200million, valuing the company at $2billion. In 2008, facing losses during the financial crisis, Merrill Lynch agreed to sell its remaining 20 percent stake in the company back to Bloomberg Inc., majority-owned by Michael Bloomberg, for a reported $4.43billion, valuing Bloomberg L.P. at approximately $22.5billion.
Bloomberg L.P. has remained a private company since its founding; the majority of which is owned by billionaire Michael Bloomberg.
To run for the position of
Mayor of New York
The mayor of New York City, officially Mayor of the City of New York, is head of the executive branch of the government of New York City and the chief executive of New York City. The mayor's office administers all city services, public property ...
against
Democrat Mark Green in 2001, Bloomberg gave up his position of CEO and appointed Lex Fenwick as CEO in his stead.
in 2012,
Peter Grauer became the chairman of the company, a role he still holds.
In 2008, Fenwick became the CEO of Bloomberg Ventures, a new venture capital division and
Daniel Doctoroff
Daniel Louis Doctoroff (born July 11, 1958) is an American businessman and former government official. He is the chief executive officer of Sidewalk Labs, a startup company developing technology focused on city life. Previously, he was the CEO an ...
, former deputy mayor in the Bloomberg administration, was named president and CEO, serving until September 2014.
At that point, it was announced that Michael Bloomberg would be taking the reins of his eponymous market data company from Doctoroff, who was chief executive of Bloomberg for the past six years after his term as deputy mayor.
Senior leadership
* ''Chairman:''
Peter Grauer (since March 2001)
* ''Chief Executive:''
Michael Bloomberg
Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, politician, philanthropist, and author. He is the majority owner, co-founder and CEO of Bloomberg L.P. He was Mayor of New York City from 2002 to 2013, and was a c ...
(since December 2014)
List of former chairmen
#
Michael Bloomberg
Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, politician, philanthropist, and author. He is the majority owner, co-founder and CEO of Bloomberg L.P. He was Mayor of New York City from 2002 to 2013, and was a c ...
(1981–2001)
List of former chief executives
#
Michael Bloomberg
Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, politician, philanthropist, and author. He is the majority owner, co-founder and CEO of Bloomberg L.P. He was Mayor of New York City from 2002 to 2013, and was a c ...
(1981–2001)
# Alexius "Lex" Fenwick (2001–2008)
#
Daniel Doctoroff
Daniel Louis Doctoroff (born July 11, 1958) is an American businessman and former government official. He is the chief executive officer of Sidewalk Labs, a startup company developing technology focused on city life. Previously, he was the CEO an ...
(2011–2014)
Acquisitions
Since its founding, Bloomberg L.P. has made several acquisitions including the radio station
WNEW, ''
BusinessWeek
''Bloomberg Businessweek'', previously known as ''BusinessWeek'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York Cit ...
'' magazine, research company New Energy Finance, the
Bureau of National Affairs and the financial software company Bloomberg PolarLake. On July 9, 2014, Bloomberg L.P. acquired RTS Realtime Systems, a global provider of low-latency connectivity and trading support services. On August 13, 2019, Bloomberg acquired RegTek.Solutions in a move to expand its suite of regulatory reporting and data management services.
Bloomberg Radio (formerly WNEW)
In 1992, Bloomberg L.P. purchased New York Radio station
WNEW for $13.5million. The station was converted into an all-news format, known as
Bloomberg Radio
Bloomberg Radio is a radio service of Bloomberg L.P. that provides global business news programming 24 hours a day. The format is general and financial news, offering local, national and international news reports along with financial market up ...
, and the call letters were changed to
WBBR.
Bloomberg Businessweek (formerly BusinessWeek)
Bloomberg L.P. bought a weekly business magazine, ''
BusinessWeek
''Bloomberg Businessweek'', previously known as ''BusinessWeek'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York Cit ...
'', from
McGraw-Hill
McGraw Hill is an American educational publishing company and one of the "big three" educational publishers that publishes educational content, software, and services for pre-K through postgraduate education. The company also publishes referen ...
in 2009. The company acquired the magazine—which was suffering from declining advertising revenue and limited circulation numbers—to attract general business to its media audience composed primarily of terminal subscribers. Following the acquisition, ''BusinessWeek'' was renamed ''
Bloomberg Businessweek
''Bloomberg Businessweek'', previously known as ''BusinessWeek'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City ...
''. In 2018, Joel Weber was named editor of the magazine.
New Energy Finance
In 2009, Bloomberg L.P. purchased New Energy Finance, a data company focused on energy investment and carbon markets research based in the United Kingdom. New Energy Finance was created by
Michael Liebreich in 2004, to provide news, data and analysis on carbon and clean energy markets. Bloomberg L.P. acquired the company to become an industry resource for information to support low-carbon energy development. It was renamed to Bloomberg New Energy Finance or BNEF for short. Liebreich continued to lead the company, serving as the chief executive officer until 2014, when he stepped down as CEO but remained involved as chairman of the advisory board.
The company has been renamed BloombergNEF—or BNEF for short. BloombergNEF has expanded its research areas to cover renewable energy, advanced transport, digital industry, innovative materials, sustainability and commodities. BNEF provides research, long-term forecasts, analytical tools and global in-depth analysis covering a wide range of energy and related industries. Analysts covering 6 continents publish more than 700 research reports a year.
Bureau of National Affairs (BNA)
Bloomberg L.P. purchased Arlington, Virginia-based
Bureau of National Affairs in August 2011, for $990million to bolster its existing
Bloomberg Government
Bloomberg Government is a division of Bloomberg Industry Group that provides data-driven decision tools, news, and analytics in a digital workspace for professionals who influence government action.
History
Bloomberg Government launched in 2011 ...
and
Bloomberg Law
Bloomberg Law is a subscription-based service that uses data analytics and artificial intelligence for online legal research. The service, which Bloomberg L.P. introduced in 2009, provides legal content, proprietary company information and news ...
services. BNA publishes specialized online and print news and information for professionals in business and government. The company produces more than 350 news publications in topic areas that include corporate law and business, employee benefits, employment and labor law, environment, health and safety, health care, human resources, intellectual property, litigation, and tax and accounting.
Bloomberg PolarLake
In May 2012, Bloomberg L.P. acquired Dublin-based software provider PolarLake and launched a new
enterprise data management service to help companies acquire, manage and distribute data across their organizations.
Barclays indices business
On December 16, 2015, it was announced that
Barclays
Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.
Barclays traces ...
had agreed to sell its
index
Index (or its plural form indices) may refer to:
Arts, entertainment, and media Fictional entities
* Index (''A Certain Magical Index''), a character in the light novel series ''A Certain Magical Index''
* The Index, an item on a Halo megastru ...
business, Barclays Risk Analytics and Index Solutions Ltd (BRAIS), to Bloomberg L.P. for £520million, or about $787million. The company will be renamed Bloomberg Index Services Limited.
Bloomberg sports analysis
In September 2014, Bloomberg sold its Bloomberg Sports analysis division to the data analysis firm STATS LLC (now
Stats Perform) for a fee rumored to be between $15million and $20million.
CityLab
On December 10, 2019, Bloomberg Media announced that it has reached an agreement to acquire
CityLab
''The Atlantic'' is an American magazine and multi-platform publisher. It features articles in the fields of politics, foreign affairs, business and the economy, culture and the arts, technology, and science.
It was founded in 1857 in Boston, ...
,
The Atlantic
''The Atlantic'' is an American magazine and multi-platform publisher. It features articles in the fields of politics, foreign affairs, business and the economy, culture and the arts, technology, and science.
It was founded in 1857 in Boston, ...
's award-winning news site for solutions-based journalism on urban innovation and the future of cities. This was Bloomberg's first acquisition of an editorial property by the news and financial data company in over a decade.
Products and services
Bloomberg Professional Services
In 2011, sales from the Bloomberg Professional Services, also known as the
Bloomberg Terminal
The Bloomberg Terminal is a computer software system provided by the financial data vendor Bloomberg L.P. that enables professionals in the financial service sector and other industries to access Bloomberg Professional Services through which u ...
, accounted for more than 85 percent of Bloomberg L.P.'s annual revenue.
The
financial data vendor A financial data vendor provides market data to financial firms, traders, and investors. The data distributed is collected from sources such as stock exchange feeds, brokers and dealer desks or regulatory filings (e.g. an SEC filing).
History
Fin ...
's proprietary computer system, starting at $24,000 per user per year, allows subscribers to access the Bloomberg Professional service to monitor and analyze real-time financial data, search financial news, obtain price quotes and send electronic messages through the Bloomberg Messaging Service. The Terminal covers both public and private markets globally.
Bloomberg News
Bloomberg News
Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg Televi ...
was co-founded by Michael Bloomberg and
Matthew Winkler in 1990, to deliver financial news reporting to Bloomberg terminal subscribers. In 2000, Bloomberg News included more than 2,300 editors and reporters in 100 countries.
Content produced by Bloomberg News is disseminated through the Bloomberg terminal, Bloomberg Television, Bloomberg Radio, ''Bloomberg Businessweek'', Bloomberg Markets and Bloomberg.com. Since 2015,
John Micklethwait has served as
editor-in-chief
An editor-in-chief (EIC), also known as lead editor or chief editor, is a publication's editorial leader who has final responsibility for its operations and policies.
The highest-ranking editor of a publication may also be titled editor, managing ...
.
Bloomberg Radio
Bloomberg Television
Bloomberg Television
Bloomberg Television (on-air as Bloomberg) is an American-based pay television network focusing on business and capital market programming, owned by Bloomberg L.P. It is distributed globally, reaching over 310 million homes worldwide. It is he ...
, a service of Bloomberg News, is a 24-hour financial news television network. It was introduced in 1994, as a subscription service transmitted on satellite television provider
DirecTV
DirecTV (trademarked as DIRECTV) is an American Multichannel television in the United States, multichannel video programming distributor based in El Segundo, California, El Segundo, California. Originally launched on June 17, 1994, its primary ...
, 13 hours a day, 7 days a week. The network has taken over the channel space of the-defunct
Financial News Network
The Financial News Network (FNN) was an American financial and business news television network that was launched November 30, 1981. The purpose of the network was to broadcast programming nationwide, five days a week for seven hours a day on t ...
and hired most of the former FNN employees. Soon after, the network entered the cable television market and by 2000, Bloomberg's 24-hour news programming was being aired to 200million households.
Justin B. Smith serves as CEO of Bloomberg Multimedia Group which includes Bloomberg Radio, Bloomberg Television and online components of Bloomberg's multimedia offerings.
Bloomberg Markets
''
Bloomberg Markets
''Bloomberg Markets'' is a magazine published six times a year by Bloomberg L.P. as part of Bloomberg News. Aimed at global financial professionals, ''Bloomberg Markets'' publishes articles on the people and issues related to global financial ma ...
'' is a monthly magazine launched in 1992, that provides in-depth coverage of global financial markets for finance professionals. In 2010, the magazine was redesigned in an effort to update its readership beyond Bloomberg terminal users. Michael Dukmejian has served as the magazine's publisher since 2009.
Bloomberg Pursuits
''Bloomberg Pursuits'' was a bimonthly
luxury magazine A luxury magazine is a printed or online magazine marketed to the ultra-affluent that feature high-value products like sports cars, jewelry, mechanical watches, real estate, yacht
A yacht is a sailing or power vessel used for pleasure, cruisin ...
distributed to Bloomberg terminal users and to newsstands. It ceased publication in 2016. A digital edition and show on Bloomberg Television continue under the same name.
Bloomberg Entity Exchange
Bloomberg Entity Exchange is a
web-based
A web application (or web app) is application software that is accessed using a web browser. Web applications are delivered on the World Wide Web to users with an active network connection.
History
In earlier computing models like client-serve ...
, centralised and secure platform for
buy side firms,
sell side firms,
corporation
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and ...
s and insurance firms,
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Becau ...
s or brokers to fulfill
Know Your Customer (KYC) compliance requirements. It was launched on May 25, 2016.
Bloomberg Government
Launched in 2011,
Bloomberg Government
Bloomberg Government is a division of Bloomberg Industry Group that provides data-driven decision tools, news, and analytics in a digital workspace for professionals who influence government action.
History
Bloomberg Government launched in 2011 ...
is an online service that provides news and information about politics, along with legislative and regulatory coverage.
Bloomberg Law
In 2009, Bloomberg L.P. introduced
Bloomberg Law
Bloomberg Law is a subscription-based service that uses data analytics and artificial intelligence for online legal research. The service, which Bloomberg L.P. introduced in 2009, provides legal content, proprietary company information and news ...
, a subscription service for real-time legal research. A subscription to the service provides access to law dockets, legal filings, and reports from Bloomberg legal analysts as well as business news and information.
Bloomberg Opinion
''Bloomberg Opinion'', formerly Bloomberg View, is an editorial division of Bloomberg News which launched in May 2011. The site provides editorial content from columnists, authors and editors about news issues and is available for free on the company's website.
David Shipley, former Op-Ed page editor at ''
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'', serves as Bloomberg Opinion's executive editor.
Bloomberg Tradebook
Bloomberg Tradebook
Bloomberg Tradebook, LLC., the agency broker of Bloomberg L.P., serves global investment advisors, money managers, hedge funds, proprietary desks and broker dealers, with access to global trading venues, proprietary trading algorithms, execution ...
is an electronic agency brokerage for equity, futures, options and foreign exchange trades.
Its "buyside" services include access to trading algorithms, analytics and marketing insights, while its "sellside" services include connection to electronic trading networks and global trading capabilities. Bloomberg Tradebook was founded in 1996, as an affiliate of Bloomberg L.P.
Bloomberg Beta
Bloomberg Beta
Bloomberg Beta is an early stage venture capital firm with $375M under management, capitalized solely by Bloomberg. The fund exists to expand Bloomberg’s horizons by investing in companies built by extraordinary founders that are creating prof ...
is a
venture capital firm
Venture capital (often abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which ha ...
capitalized by Bloomberg L.P. Founded in 2013, the $75million fund is focused on investments in areas broadly of interest to Bloomberg L.P., and invests purely for financial return. It is headquartered in
San Francisco
San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...
.
Bloomberg Innovation Index
The Bloomberg Innovation Index is an annual
ranking
A ranking is a relationship between a set of items such that, for any two items, the first is either "ranked higher than", "ranked lower than" or "ranked equal to" the second.
In mathematics, this is known as a weak order or total preorder of o ...
of how
innovative countries are. It is based on six criteria:
research and development
Research and development (R&D or R+D), known in Europe as research and technological development (RTD), is the set of innovative activities undertaken by corporations or governments in developing new services or products, and improving existi ...
,
manufacturing
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. The term may refer to a ...
,
high-tech
High technology (high tech), also known as advanced technology (advanced tech) or exotechnology, is technology that is at the cutting edge: the highest form of technology available. It can be defined as either the most complex or the newest tec ...
companies,
post-secondary education
Tertiary education, also referred to as third-level, third-stage or post-secondary education, is the educational level following the completion of secondary education. The World Bank, for example, defines tertiary education as including univers ...
, research personnel, and
patents
A patent is a type of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of time in exchange for publishing an enabling disclosure of the invention."A p ...
. Bloomberg uses data from the
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
, the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster gl ...
, the
World Intellectual Property Organization
The World Intellectual Property Organization (WIPO; french: link=no, Organisation mondiale de la propriété intellectuelle (OMPI)) is one of the 15 specialized agencies of the United Nations (UN). Pursuant to the 1967 Convention Establishin ...
, the
United States Patent and Trademark Office
The United States Patent and Trademark Office (USPTO) is an agency in the U.S. Department of Commerce that serves as the national patent office and trademark registration authority for the United States. The USPTO's headquarters are in Alex ...
, the
OECD
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate ...
and
UNESCO
The United Nations Educational, Scientific and Cultural Organization is a specialized agency of the United Nations (UN) aimed at promoting world peace and security through international cooperation in education, arts, sciences and culture. I ...
to compile the ranking.
Open Bloomberg
Bloomberg has openly licensed its symbology system (Bloomberg Open Symbology, BSYM), and financial data
API (Bloomberg Programming API, BLPAPI).
Bloomberg Live
Bloomberg Live is a series of conferences targeted towards business people.
Bloomberg Quicktake
Quicktake (formerly TicToc) is Bloomberg's social media brand. Originally launched on
Twitter
Twitter is an online social media and social networking service owned and operated by American company Twitter, Inc., on which users post and interact with 280-character-long messages known as "tweets". Registered users can post, like, and ...
, it was expanded to other platforms including
Facebook
Facebook is an online social media and social networking service owned by American company Meta Platforms. Founded in 2004 by Mark Zuckerberg with fellow Harvard College students and roommates Eduardo Saverin, Andrew McCollum, Dustin ...
,
Instagram
Instagram is a photo and video sharing social networking service owned by American company Meta Platforms. The app allows users to upload media that can be edited with filters and organized by hashtags and geographical tagging. Posts can ...
,
YouTube
YouTube is a global online video sharing and social media platform headquartered in San Bruno, California. It was launched on February 14, 2005, by Steve Chen, Chad Hurley, and Jawed Karim. It is owned by Google, and is the second most ...
and is also available on
Amazon
Amazon most often refers to:
* Amazons, a tribe of female warriors in Greek mythology
* Amazon rainforest, a rainforest covering most of the Amazon basin
* Amazon River, in South America
* Amazon (company), an American multinational technolog ...
's
Alexa
Alexa may refer to: Technology
*Amazon Alexa, a virtual assistant developed by Amazon
* Alexa Internet, a defunct website ranking and traffic analysis service
* Arri Alexa, a digital motion picture camera
People
*Alexa (name), a given name and ...
. It will also play at several screens across multiple airports in the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five ma ...
and
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tota ...
. The platform is managed by a team of 70 people, consisting of editors, producers and social media specialists located across three bureaus in New York, London and Hong Kong. In December 2019, TicToc was renamed "QuickTake by Bloomberg" in order to avoid confusion with the social media platform
TikTok
TikTok, known in China as Douyin (), is a short-form video hosting service owned by the Chinese company ByteDance. It hosts user-submitted videos, which can range in duration from 15 seconds to 10 minutes.
TikTok is an international version ...
. The
camel case and the word "by" were later eliminated, and "Bloomberg" was moved in front of "Quicktake", although the two words do not always appear together.
Bloomberg New Economy Forum
Bloomberg New Economy Forum is an invitation-only event for business executives, government officials, and academics. The inaugural event was held in 2018 in Singapore. In 2019, the annual forum will take place in Beijing, China.
The Bloomberg New Economy Forum Community includes leaders from the public and private sectors from around the world. 2018 participants represented more than $5.36 trillion in market cap and boasted a roster of over 400 delegates from around the world. Forum advisory board members include former U.S. Secretary of State Dr. Henry A. Kissinger, former U.S. Secretary of the Treasury Hank Paulson, Vice Premier of China Zeng Peiyan, Bill Gates, Mukesh Ambani,
Janet Yellen
Janet Louise Yellen (born August 13, 1946) is an American economist serving as the 78th United States secretary of the treasury since January 26, 2021. She previously served as the 15th chair of the Federal Reserve from 2014 to 2018. Yellen is t ...
, Ursula Burns, Gary Cohn, Orit Gadiesh, Walter Isaacson, Yoriko Kawaguchi, Martin Lau, Jorge Paulo Lemann, Jean Liu, Strive Masiyiwa, and more. Founding partners of the forum included 3M, ADNOC, Dangote, ExxonMobil, FedEx, HSBC, Hyundai, Mastercard, Microsoft, & Softbank.
Offices
Locations
Bloomberg L.P.'s headquarters is located in
731 Lexington Avenue (informally known as Bloomberg Tower) in Midtown Manhattan, New York City. , Bloomberg L.P. occupied of office space at the base of the tower. The company's New York offices also include located at 120 Park Avenue. It maintains offices in 167 locations around the world,
including
Bloomberg London, its European headquarters.
Corporate culture
The Bloomberg L.P. offices are non-hierarchical – even executives do not have private offices.
All employees sit at identical white desks each topped with a custom-built Bloomberg computer terminal. The office space also includes rows of flat-panel monitors overhead that display news, market data, the weather and Bloomberg customer service statistics.
Leadership
Bloomberg L.P.'s Management Committee includes
Michael Bloomberg
Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, politician, philanthropist, and author. He is the majority owner, co-founder and CEO of Bloomberg L.P. He was Mayor of New York City from 2002 to 2013, and was a c ...
,
Peter Grauer, and
Thomas Secunda.
Controversies
Turner Construction and Bloomberg LP construction scandal
Between 2010 and 2017, a "pay-to-play" scheme went along between two
Turner Construction
Turner Construction is an American construction company with presence in 20 countries. It is a subsidiary of the German company Hochtief. It is the largest domestic contractor in the United States as of 2020, with a revenue of $14.41 billion in ...
executives, two Bloomberg executives; and vendors and subcontractors involving interior construction at the Bloomberg offices including its headquarters at 731 Lexington Ave. In July 2020, Bloomberg's construction manager Michael Campana was sentenced to two years in prison for tax evasion on $420,000 in connection with accepting bribery. The bribery was in the form of cash, work on personal property, Super Bowl tickets and payment for Campana's wedding. On September 29, 2020, Anthony Guzzone, the Director of Global Construction at Bloomberg from 2010 and 2017, pleaded guilty to evading taxes on over $1.45 million he received in bribes from construction subcontractors in exchange for being awarded work performed for Bloomberg. Guzzone accepted more than $5.1 million in bribes. He was sentenced to prison for three years and two months in January 2021
Lawsuits
''Olszewski v. Bloomberg L.P.''
In 1996, former Bloomberg L.P. sales representative Mary Ann Olszewski sued the company, alleging that she was drugged and raped by her supervisor, Bryan Lewis, and claimed she was terminated shortly after reporting the incident in a May 25, 1995, meeting.
The lawsuit also alleged the company internally investigated Olszewski, attempting to get coworkers to portray her as "flirtatious" or a "sex hound."
Olszewski also claimed that male employees at the company engaged in the "sexual degradation of women" and that the company "took no steps to prevent or curtail the ongoing sexual harassment of female employees by Michael Bloomberg."
Bloomberg, on behalf of Bloomberg L.P., testified that he was made aware of the rape allegation and offered to move Olszewski into another sales unit.
Bloomberg also testified that he did not find Olszewski's allegation genuine because there was not "an unimpeachable third-party witness" present during the alleged event, elaborating that "there are times when three people are together."
The case was dismissed by a federal judge in 1999 after Olszewski's lawyer had ignored repeated deadlines to submit a response to a
motion
In physics, motion is the phenomenon in which an object changes its position with respect to time. Motion is mathematically described in terms of displacement, distance, velocity, acceleration, speed and frame of reference to an observer and mea ...
to end the case. The case was re-opened by another lawyer in 2000, but disappeared from the
court docket
A docket in the United States is the official summary of proceedings in a court of law. In the United Kingdom in modern times it is an official document relating to delivery of something, with similar meanings to these two elsewhere. In the late ...
in 2001.
''Sekiko Sakai Garrison v. Michael Bloomberg and Bloomberg L.P.''
In 1997, former Bloomberg L.P. sales executive Sekiko Sakai Garrison filed a lawsuit against the company and Michael Bloomberg, alleging
sexual harassment and
wrongful termination
In law, wrongful dismissal, also called wrongful termination or wrongful discharge, is a situation in which an employee's contract of employment has been terminated by the employer, where the termination breaches one or more terms of the contra ...
.
Garrison alleged that when she told Bloomberg that she was pregnant, he told her to "Kill it!" and said "Great! Number 16," referring to the number of women in the company who were pregnant or on
maternity leave
Parental leave, or family leave, is an employee benefit available in almost all countries. The term "parental leave" may include maternity, Paternity (law), paternity, and adoption leave; or may be used distinctively from "maternity leave" and ...
at the time.
According to the lawsuit, Garrison told a manager about the incident but was told to "forget it ever happened" before being fired.
Garrison also claimed that Bloomberg told female salespeople to "line up to give him
ral sexas a wedding present," referring to a male employee who was getting married.
The lawsuit also alleged that Bloomberg berated a female employee who had trouble finding a nanny, saying, "It's a f------ baby! All it does is eat and s---! It doesn't know the difference between you and anyone else! All you need is some black who doesn't even have to speak English to rescue it from a burning building!"
The company did not admit any wrongdoing, but
settled the lawsuit out of court in 2000.
''EEOC v. Bloomberg L.P.''
In September 2007, the
Equal Employment Opportunity Commission (EEOC) filed a
class-action lawsuit
A class action, also known as a class-action lawsuit, class suit, or representative action, is a type of lawsuit where one of the parties is a group of people who are represented collectively by a member or members of that group. The class action ...
against Bloomberg L.P. on behalf of more than 80 female employees who argued that Bloomberg L.P. engaged in discrimination against women who took
maternity leave
Parental leave, or family leave, is an employee benefit available in almost all countries. The term "parental leave" may include maternity, Paternity (law), paternity, and adoption leave; or may be used distinctively from "maternity leave" and ...
. In August 2011, Judge
Loretta A. Preska of the federal
in Manhattan dismissed the charges, writing that the Equal Employment Opportunity Commission did not present sufficient evidence to support their claim.
In September 2013, Preska dismissed an EEOC lawsuit on behalf of 29 pregnant employees of Bloomberg L.P. In addition, she dismissed pregnancy bias claims from five individual plaintiffs, and allowed part of the case from a sixth plaintiff to proceed.
''Bloomberg L.P. v. Board of Governors of the Federal Reserve''
Bloomberg L.P. brought a
lawsuit
-
A lawsuit is a proceeding by a party or parties against another in the civil court of law. The archaic term "suit in law" is found in only a small number of laws still in effect today. The term "lawsuit" is used in reference to a civil actio ...
against the
Board of Governors
A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organi ...
of the
Federal Reserve System
The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
(
Bloomberg L.P. v. Board of Governors of the Federal Reserve System) to force the Fed to share details about its lending programs during the
U.S. Government bailout in 2008. The records documented Federal Reserve loans issued to financial firms and revealed the identities of the firms, the amounts borrowed and the collateral posted in return. Bloomberg L.P. won at the trial court level. The
Second Circuit Court ruled in favor of Bloomberg L.P. in March 2010, but the case was appealed to the
Supreme Court
A supreme court is the highest court within the hierarchy of courts in most legal jurisdictions. Other descriptions for such courts include court of last resort, apex court, and high (or final) court of appeal. Broadly speaking, the decisions of ...
by a group of large U.S. commercial banks in October. In March 2011, the Supreme Court let stand the Second Circuit Court ruling mandating the release of Fed bailout details.
''Bloomberg L.P. v. Bloomberg Ltd''
On October 22, 2008, Bloomberg L.P. applied for a change of name of Bloomberg Ltd, under s. 69(1)(b) of the
Companies Act 2006
The Companies Act 2006 (c 46) is an Act of the Parliament of the United Kingdom which forms the primary source of UK company law.
The Act was brought into force in stages, with the final provision being commenced on 1 October 2009. It largel ...
. Bloomberg L.P. then amended its name to Bloomberg Finance Three L.P. Bloomberg Ltd was ordered at the
Company Names Tribunal on May 11, 2009, to change its name so as to not have a name that would likely interfere, by similarity, with the goodwill of Bloomberg Finance Three L.P. as well as to pay costs.
''Nafeesa Syeed v. Bloomberg L.P.''
According to a recent case in August 2020, Bloomberg L.P. is again being charged with discrimination against black and non-white workers. Nafeesa Syeed, who served at Bloomberg for around four years as a national security reporter and Middle East reporter, sued the corporation in New York city court for sexism based on her gender and her ethnicity as a South Asian-American. Bloomberg faces a related complaint by a former saleswoman, who filed under a pseudonym in June and the corporation is now seeking to compel a public release of her name. Throughout both cases the same law firm defends the victims.
See also
*
Bloomberg Markets
''Bloomberg Markets'' is a magazine published six times a year by Bloomberg L.P. as part of Bloomberg News. Aimed at global financial professionals, ''Bloomberg Markets'' publishes articles on the people and issues related to global financial ma ...
*
Bloomberg Terminal
The Bloomberg Terminal is a computer software system provided by the financial data vendor Bloomberg L.P. that enables professionals in the financial service sector and other industries to access Bloomberg Professional Services through which u ...
*
Financial data vendor A financial data vendor provides market data to financial firms, traders, and investors. The data distributed is collected from sources such as stock exchange feeds, brokers and dealer desks or regulatory filings (e.g. an SEC filing).
History
Fin ...
References
External links
*
Bloomberg: OverviewPND News – New York City Mayor Gave $130Million to Charity in 2002*
ttps://web.archive.org/web/20030526165356/http://thevault.com/companies/company_main.jsp?product_id=657&ch_id=306&co_page=1 The Vault, containing a company overviewFortune Magazine: Bloomberg LP is a prodigious successVanity Fair: Bloomberg Without BloombergBloomberg Live
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Financial services companies established in 1981
1981 establishments in New York City
Companies based in Manhattan
Mass media companies established in 1981
Electronic trading platforms
Financial data vendors
Financial news agencies
Financial services companies of the United States
Mass media companies based in New York City
Multinational companies based in New York City
News agencies based in the United States
Privately held companies based in New York City