About Business Network
What it does: Supplies valuable financial information
Staff stats: 19,000 employees in 192 locations across the globe
Hiring degrees in: Property & Built Environment; Sciences; Teaching, Education & Human Welfare; Engineering, Maths, IT & Computer Sciences; Finance, Accounting, Economics & Business Administration; Health & Medical Sciences; Humanities, Arts & Social Sciences; Law & Legal Studies.
The Bloomberg L.P. story
In 1981, Michael Bloomberg, a partner at Salomon Brothers, found himself out of a job following the sale of his Wall Street investment bank to a large corporation. Bloomberg, who studied electrical engineering before doing an MBA at Harvard, resolved to launch a business that used the computer technology then starting to become common to deliver useful business information quickly and efficiently.
In 1982, Merrill Lynch had signed on as Bloomberg’s first customer. Shortly thereafter, Bloomberg Terminals (i.e. a computer with a software system providing real-time market data) started popping up in financial institutions all over the world. As of late 2016, there were estimated to be 325,000 Bloomberg Terminal subscribers across the globe, all paying US$20,000 – $25,000 per terminal, per year. With all the cash generated by the terminals, Bloomberg has been able to develop ancillary product lines, such as Bloomberg News and Bloomberg Tradebook (a trading platform), as well as acquire radio stations, business magazines and other data companies.
Bloomberg has long made the list of one of the top 10 wealthiest people in the US and one of the top 20 richest individuals in the world. After taking a sabbatical to serve as Mayor of New York, Bloomberg resumed his position as President and CEO of Bloomberg L.P. in late 2014.
Nowadays, Bloomberg L.P., which remains a private company, describes itself as a financial software, data and media company that “connects influential decision makers to a dynamic network of information, people and ideas”. Bloomberg generates around US$9 billion a year and is believed to enjoy a 40 per cent profit margin.