• Bloomberg LP plans to hire 1,000 people this year as other media and finance companies cut staff.
  • Mike Bloomberg’s private company has a history of expanding in downturns.
  • It also creates a new department to elevate news on terminals used by Wall Street.

Bloomberg LP is on a hiring tear as other media, finance and technology companies cut staff amid an economic downturn.

The financial news and information giant has approved the hiring of 1,000 people this year, according to a memo from Vlad Kliatchko, the company’s chief product officer, which was reviewed by Insider. He said most of the hires would be in data, product and engineering. More hiring is expected to take place across the company, including the Bloomberg News media arm.

The company employs 21,000 people in total, including 7,000 engineers.

Mike Bloomberg’s software, data and media company is known for hiring during downturns, an advantage of being a private company.

Bloomberg also announced the creation of a new team of product and technology workers under the leadership of Chris Collins, chief product and technology officer. The move brings together various teams that resided on the news side and places them on the side of the company’s Bloomberg terminal under Collins. Bloomberg Terminal is the company’s key product and widely used on Wall Street.

The goal is to improve the user experience and discoverability of news on the Bloomberg Terminal, Bloomberg editor John Micklethwait wrote in a memo. The move also stems from an effort to deepen the relationship between information and product, he wrote.

There’s a long history of tension between the terminals industry, which Bloomberg co-founded in 1981, and the news side, which came nine years later, over conflicting visions, but those tensions have eased in recent years, insiders said.

“Their job will be to create more sophisticated journalistic tools and to ensure that users can get the content they need, when and where they need it. To be clear, all editorial and coverage decisions will obviously remain in Editorial. But the opportunity for greater collaboration with Chris’ new group is immense, particularly in terms of faster innovation around tools and products and a better understanding of our audience,” Micklethwait wrote. .

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