Bloomberg L.P. - Run! Or you will be sorry for yourself and the time you spent there | Glassdoor
There are newer employer reviews for Bloomberg L.P.
There are newer employer reviews for Bloomberg L.P.

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Helpful (10)

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

StarStarStarStarStar
  • Work/Life Balance
  • Culture & Values
  • Career Opportunities
  • Comp & Benefits
  • Senior Management
Former Employee - Equity Fundamentals Analyst in Princeton, NJ
Former Employee - Equity Fundamentals Analyst in Princeton, NJ
Doesn't Recommend
Neutral Outlook
Disapproves of CEO

I worked at Bloomberg L.P. full-time (More than 3 years)

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 Management

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

Other Employee Reviews for Bloomberg L.P.

  1. Helpful (6)

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

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

    I worked at Bloomberg L.P. full-time (More than 10 years)

    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 Management

    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.


  2. Helpful (2)

    "financial software developer"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Financial Software Developer in New York, NY
    Former Employee - Financial Software Developer in New York, NY
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    I worked at Bloomberg L.P. full-time (More than 10 years)

    Pros

    great benefits, lots of perks

    Cons

    very rigid environment, although highly depends on the department, group, team and and supervisor/team lead. there is nowhere to advance, since system is highly customized it will take some years to learn and then may advance to team lead, to become manager takes longer and mostly those positions are taken by the people who have been with the company the longest. There is rarely team spirit even though one is promoted. Each person is on his own. Bloomberg long ago became a big corporation in spirit and it acts and feels like one.

There are newer employer reviews for Bloomberg L.P.
There are newer employer reviews for Bloomberg L.P.

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