Bloomberg L.P. is New York’s fastest-growing employer
Matthew Flamm of Crain’s New York Business reports that Bloomberg L.P. has added 3,400 jobs since 2008, making it New York’s fastest-growing employer.
Flamm writes, “Bloomberg LP has gotten plenty of attention for acquiring BusinessWeek in 2009 and hiring journalists in record numbers for its news division. But in fact, most of the 12,900-employee company’s hires have been techies and salespeople dedicated to the Bloomberg Professional service.
“Also known as the Bloomberg Terminal, the platform provides data, analytics, portfolio management tools, electronic trading systems — and some 85% of the company’s nearly $7 billion in annual revenue. More than 300,000 subscribers pay around $1,700 a month for the service.
“Wall Street has added jobs in recent months, and the information-services sector that Bloomberg is part of has also seen gains. But nobody in New York is hiring like the Lexington Avenue colossus.
“‘That [amount of hiring] is pretty much unheard of,’ said Barbara Byrne Denham, chief economist for real estate services firm Eastern Consolidated. ‘[Bloomberg] can take risks because they have this cash cow — their terminals — which provides the capital they can invest in new industries.’
“Those new industries include Bloomberg Law, a vast legal research service that recently has hired hundreds of lawyers; Bloomberg Government, a Washington, D.C.-based service for regulatory and political news; and Bloomberg Sports, which offers the company’s expertise in data and analytics to fantasy baseball participants and Major League Baseball teams.”
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