Bloomberg LLP is liquidating its wealth management business, BloombergBlack and laying off 30-40 employees in the unit, according to sources close the situation.
It was a venture that had yet to leave its trial phase.
Around April, the financial blogosphere got wind of the product and — with a monthly price of $100, the power of Bloomberg’s real-time information, and the promise of smart wealth advisors and strategists — it was expected to be disruptive.
Bloomberg co-founder Tom Secundo addressed the unit the morning and employees were asked to leave headquarters by noon. Their terminal access was immediately revoked, said the source.
“We weighed the future prospects of the business against the ongoing resource investment and concluded that it wasn’t in our best interest to continue moving forward,” said Bloomberg spokesman Ty Trippet. “We remain optimistic about the idea and open to the possibility of pursuing a similar business in the future.”
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