Bloomberg LLC Orders Hiring Freeze, Cost Cuts

A single source reports that Bloomberg management announced “a hiring freeze and cost cuts” on an internal conference call yesterday.  The source believes the move is related to the carnage at investment banks, which are eliminating thousands of jobs (and, with them, lucrative Bloomberg terminal subscriptions). It is possible that the freeze and cuts apply only to a single division.

We reported persistent internal rumours about a coming Bloomberg hiring freeze a month ago, and a Bloomberg spokesperson responded by saying the firm doesn’t have “hiring freezes.” Our current source repeatedly characterised the message on yesterday’s conference call as a “hiring freeze.” The source did not mention layoffs, which Bloomberg has never had, but said that travel and other costs would be reduced.

We have asked Bloomberg LLC for comment/clarification.  We’ll update if/when we get it.

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