Holly Sanders of the New York Post writes Tuesday that Bloomberg executives are trying to assure its employees that the company will be fine in the wake of Lehman Brothers bankruptcy filing and the sale of Merrill Lynch to Bank of America.
Both Lehman and Merrill have thousands of Bloomberg terminals in their offices.
Sanders writes, “In a videotaped address sent yesterday to employees, Bloomberg Chairman Peter Grauer acknowledged the Street had entered ‘a new phase of market instability’ while also seeking to downplay the impact on the company.
“The collapse of Lehman Brothers will result in the loss of 4,000 terminals, or just over 1 percent of Bloomberg’s total terminal base, Grauer said yesterday.
“‘While the loss of Lehman will sting, the impact on us should be limited,’ he said.
“More worrisome than Lehman is the fate of Merrill Lynch, which is likely to shed thousands of jobs following the sale.”
Read more here.
