Title YOE: 0 TC: 195K
Private company, no investors to please.
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Uncle Mike likes watching his minions run around and work
Maybe it depends on how deep this upcoming economic recession/depression is going to be.
it’s just the business model, but nobody can say it’s 100% safe. And you know, we are not paid as much as FAANG employees.
Bloomberg employees aren’t paid as much “paper IOU” money redeemable at a future date based on the share price in an open market, as FAANG employees are. In terms of cash salary BB is pretty darn good.
this, isn't, over
Bloomberg avoided layoffs in the last big downturn in 2008 era. Doesn’t mean they’ll avoid it this time. A combination of belt tightening on raises and slowdown in the hiring process helped. Uncle Mike owns the company and is able to take a longer term view than quarterly results to shareholders. At the end of the day, you gotta be able to make payroll when the markets go down. And while overhiring for tech, and the advertising bubble popping means has an outsized effect for FAANG, we are seeing banks beginning the same process which will affect Bloomberg revenue as well. BB is a bigger company than it was in 2008, so… who knows.
As long as Mike and the partners are happy, nothing else matters
BBG makes money of terminal licenses and data. If anything finance and trading only have more money to spend(traders and money makers from IBD were not cut recently Credit Susie aside). So it does not loose money unlike big tech which highly depend on retail
We’re owned by the 12th richest man in the world and not public. The company is literally optimized as a huge tax advantaged vehicle for him. We have a near monopoly on our product. Etc
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Probably didn't over hire