Bloomberg L.P.
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was co-founded by Michael Bloomberg in 1981, with Thomas Secunda, Duncan MacMillan, Charles Zegar,[9] and a 12% ownership investment by Bank of America through their brokerage subsidiary Merrill Lynch.[10]
For other uses, see Bloomberg (disambiguation).Company type
October 1, 1981
Bloomberg Tower
731 Lexington Avenue
New York, NY 10022
U.S.
176 offices (2021)
- Mark Carney (chair)
- Vladimir Kliatchko (CEO)
- Jean-Paul Zammitt (president)
- Michael Bloomberg (CEO, 1981–2001; 2014–2023)
- Peter Grauer (chair, 2001–2023)
US$10 billion (2019)
Michael Bloomberg (88%)
Others (12%)
20,000
Bloomberg L.P. provides financial software tools and enterprise applications such as analytics and an equity trading platform, data services, and news to financial companies and organizations through the Bloomberg Terminal (via its Bloomberg Professional Service), its core revenue-generating product.[11] Bloomberg L.P. also includes a news agency (Bloomberg News), a global television network (Bloomberg Television), websites, radio stations (Bloomberg Radio), subscription-only newsletters, and two magazines: Bloomberg Businessweek and Bloomberg Markets.[12]
The company has 176 locations and nearly 20,000 employees.[7][13]
Products and services[edit]
Bloomberg Professional Services[edit]
In 2011, sales from the Bloomberg Professional Services, also known as the Bloomberg Terminal, accounted for more than 85 percent of Bloomberg L.P.'s annual revenue.[51] The financial data vendor's proprietary computer system, starting at $24,000 per user per year,[52] 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.[53]
Bloomberg News[edit]
Bloomberg News 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.[54] 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.[55]
Controversies[edit]
Turner Construction and Bloomberg LP construction scandal[edit]
Between 2010 and 2017, a "pay-to-play" scheme went along between two Turner Construction executives, two Bloomberg executives; and vendors and subcontractors involving interior construction at the Bloomberg offices including its headquarters at 731 Lexington Ave.[100] 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.[101][102][103] The bribery was in the form of cash, work on personal property, Super Bowl tickets and payment for Campana's wedding.[104] 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[105][106][107][108]
