Financial services news group restricts access to client information from terminals after complaint from Goldman
Financial services news group Bloomberg was facing questions on Friday about how reporters used information about clients gleaned from its widely-used terminals.
The New York Post reported that journalists at Bloomberg had been caught using the financial news service’s $20,000-a-year terminals to “spy” on Goldman Sachs bankers.
Bloomberg said it had blocked journalists’ access to client data within 24 hours of receiving a complaint from Goldman.
The concerns raised by Goldman could be a major headache for Bloomberg, which makes most of its money from renting the terminals to traders. IT NOW faces complaints from other Wall Street banks that believe they too were spied upon by reporters in a breach of confidentiality.
The Post said that a Bloomberg reporter asked a Goldman executive if a partner was still with the firm, saying that he had not logged into his terminal for some time.
Sources at JP Morgan told the Guardian they believe the news organisation may have used information they believed was confidential while pursuing stories about Bruno Iksil, the London trader blamed for massive losses at the bank last year.
More than 300,000 of the world’s most influential people in finance including top bankers, treasury officials and hedge fund managers have access to a Bloomberg terminal. Almost all users are identified by name and their terminals are often highly tailored to give them access to the financial information they need. Access to the types of information those users are looking up would give a reporter invaluable insight.
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Bloomberg reporters accused of spying on Goldman Sachs traders | The Raw Story
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