“Everybody that I talk to says, ‘Hey, I’ve got to try this thing because I don’t like paying $25,000 for a Bloomberg,’ ” said Mr. Bullock, a former Lehman Brothers executive who now runs his own financial advisory firm, says that since signing up for Money.Net last year and canceling his Bloomberg terminal, he has found interest when he mentions the service to his banker friends, particularly when he explains that it costs one-twentieth what a Bloomberg terminal costs.
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Later this month, a start-up called Symphony, created by Goldman Sachs and backed by the large banks, is introducing software that provides an alternative to what many traders say is the most valuable part of the Bloomberg terminal - the chat program used by traders and investors.Īt Goldman, more than half of the people who have Bloomberg terminals use them primarily for chat and other simple functions, according to people briefed on the subject who were not authorized to speak publicly.Īt the same time, Money.Net, a start-up that has been built by a former top Bloomberg executive, is looking to challenge Bloomberg head-on and is gaining momentum and stealing away customers.ĭavid G. Bloomberg has fended off competition before, but the latest upstarts are gunning for the company at a time when Wall Street is already aggressively looking to cut its spending on Bloomberg terminals.
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Now that golden egg - and all that it pays for - is a target for new competitors looking to knock it from its dominant position. In knitting together the world of finance, those $21,000-a-year terminals have generated billions of dollars for Bloomberg L.P., almost single-handedly paying for the company’s journalistic ambitions, as well as the fortune, political career and philanthropic largess of its founder, Michael R. For nearly three decades, the flickering orange-on-black screens of the Bloomberg terminal have been omnipresent on Wall Street trading floors and executive suite desks, maintaining a vital lifeline of data and communication.