Bloomberg L.P.

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7 people found this helpful  

Run! Or you will be sorry for yourself and the time you spent there

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Culture & Values
  • Career Opportunities
Former Employee - Equity Fundamentals Analyst  in  Princeton, NJ
Former Employee - Equity Fundamentals Analyst in Princeton, NJ

Pros

Flexible hours, open kitchen in Skillman office (do not trust people who says it is “free food” – it is part of your compensation. Company estimates that they spent $4600 annually on you and now even mention it in annual compensation statement. But they should be given credit for liberating you from your weekly grocery shopping and a task of finding something to eat in your empty fridge when you are late for the work), great place to start your carrier when you are just out from college and cannot find a job ANYWHERE because no one needs your business major and, let’s face it, you learned nothing in college, annual summer parties that are actually are not so great as they used to be when company was smaller

Cons

Your immediate manager has no idea what he/she is asking you to do. Majority of team leaders got to their warm seats through internal politics, who-likes-whom, who-sucks-whom, est. That “majority” will make every effort to be the first when something is wrong but the last in there is success. There is no business plan, no one looks at the head counts or time budgets, you will receive absurd requests with unrealistic targets and forget about 40 hours work week. At the same time you cannot officially work extra - you cannot work on Sat/Sun but "find time during your day".
The same is about your “outstanding” peers – good honest people who really know the stuff are either already left or looking to leave shortly, except for those few poor souls who cannot move for external reasons. Those praised by TL’s are really working their tail off to get out to other department and will have no problems to eat you, if you are seems to be a potential competition. You will experience capitalism there at its best.
And it is not my subjective opinion – the fact is that out of those people whom I started with not long time ago, only 7% are still with the Team. I didn’t hear if anyone is sorry about leaving/losing Bloomberg. Think about it

Advice to ManagementAdvice

Stop reducing cost through labor - clients are laughing at your quality and expertise.
Fire all low-mid level managers - they are destroying company form within

Doesn't Recommend
Neutral Outlook
Disapproves of CEO

Other reviews for Bloomberg L.P.

  1. 1 person found this helpful  

    Much better place to work for Software Developer than most organizations.

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Software Developer  in  New York, NY
    Current Employee - Software Developer in New York, NY

    Pros

    Good learning - something new to learn every day.
    Good management - easy to communicate with higher management and business.
    Salaries/Bonuses/Healthcare/Incentives - among the best in the country.
    Very beautiful office - this definitely counts in liking your job.
    Opportunities for fast growth.
    20 vacation days - much better than many companies.

    Cons

    Hectic - need to slog sometimes.
    Some legacy code to be dealt with at times - but this depends on team.
    No cubicles - just desk - makes it hard for personal matters like checking your emails, answering personal calls. And your manager, his manager, his manger - all eyes on you.
    Manhattan => commuting time is high.

    Advice to ManagementAdvice

    Reduce workload for programmers in general.
    Speed up the transition to newer technologies.
    Give more scope for programmers' creativity.
    Improve facilities - elevators, toilets etc in quantity (quality is good).

    Recommends
    No opinion of CEO
  2. 6 people found this helpful  

    Good for entry level staff, retiring traders, less ambitious salespeople. Not good for other mid-career professionals.

    • Career Opportunities
    Former Employee - Analytics Representative  in  Greece, NY
    Former Employee - Analytics Representative in Greece, NY

    Pros

    1. Abundance of resources and in-house expertise

    2. Second to none in-house training. I strongly recommend Bloomberg to non finance majors looking to jump start their career in the financial services industry.

    3. Great place to pick up sales and customer service skills.

    4. Excellent client exposure and networking opportunities. Bloomberg's relationship managers can get meetings with almost every large company in the financial industry.

    5. For retiring traders, Bloomberg offers interesting work for professionals to work as applications specialists.

    6. Job security. Bloomberg seldom lays off or fires underperformers

    7. Decent bonuses tied to overall terminal revenue for all employees

    8. Staff are generally nice. There are a few good managers to learn from.

    9. Great perks, including more than adequate travel policies, our famous pantry, and health benefits. Michael Bloomberg strikes the right balance between treating staff well and encouraging employees to spend lavishly viz-à-viz Wall Street. Kid friendly Bloomberg parties are the best!

    10. Very efficient and helpful HR staff. Has one of the best human resource departments in the industry.

    Cons

    1. Insufficient performance incentives. There is little or no recourse for underperforming, and little reward for doing well. This is one of the reasons top talent and the best salespeople eventually leave.

    2. Middle management quality is mediocre. Whilst there are a few good men and women here, a massive layer of middle managers who lack management skills and industry expertise are running the show (see cons #1). This is not the place to learn management best practice.

    3. Compromised customer focus. Sales reps are bogged down by admin work half the time, leaving the other half to serve customers. A "don't rock the boat" culture can be source of frustration when required product enhancements and individual incompetence are swept under the carpet.

    4. Frequent re-organizations and reporting line changes (every six months?!). With that much uncertainty in your job scope, not only are job titles and descriptions meaningless, career planning is meaningless when the link between job size and job performance is frequently broken. Frequent change of reporting lines comes at a cost to teamwork and staff loyalty.

    5. Weak communication and co-ordination. For sales and product development staff, integrating data and functionality from multiple Bloomberg sources and getting staff from other departments who do not have shared incentives to move in unison pose challenges to their objectives. For support staff, having inadequate warnings about product gaps and project delays means unproductive time wasted on managing client expectations.

    To be fair, Bloomberg’s C-level management is aware of the high turnover of top employees and is trying to find out why. HR is trying to address this issue with the recent launch of career development initiatives. Unfortunately, there is little HR can do for mid-career professionals without a sincere buy-in from middle management to change the status quo (see above), since the 'management in cahoots' below the top holds the reins to the individuals' career progression anyhow.

    Advice to ManagementAdvice

    Once a customer focused start-up formed by Michael Bloomberg, the company Bloomberg now resembles a large government-run monopoly resting on the laurels of growing market share and margins vs.Thomson Reuters. Launching Bloomberg NEXT will give it a few more years of market leadership.

    Long term, an organization is only as good as the quality of employees it can retain. A number of the above-mentioned issues are present in large organizations to a certain degree, but the lack of market discipline exacerbates these problems in Bloomberg. Plan 10B is one step in the right direction to elevate staff performance, but more is needed to shakeup corporate culture. As a first step, going public and paying employees with Bloomberg stock will force Bloomberg's senior management to write off non performing business segments, reduce unproductive deadwood, and align employee incentives to company P&L.

    As a second step, it can consider merging its Data, QA, and R&D departments into one unit operating in US, Europe and Asia. Include an audit trail, centralized approval of any code changes/fixes, thorough testing in each region, and up-to-date documentation to ensure proper integration of functionality and support across time zones.

    These two will address the underlying problems and make the Michael Bloomberg brand something professionals are still proud to represent. Finally, if Bloomberg is serious about expanding non terminal revenues in businesses where entry barriers are much lower, this may well be the only way ahead.

    As a potential client, I sincerely wish Bloomberg well.

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