Jamie Dimon isn't the only one taking a hard look at what he pays out in annual Bloomberg terminal fees and thinking to himself "What the f@ck?"
A secretive slice of the $4.4 billion deal that sold Merrill Lynch’s 20 percent stake in the former mayor’s Bloomberg LP back to the data firm in 2008 — that bars the brokerage firm from cutting back on the number of $21,000-a-year Bloomberg terminals — is set to expire in about six months, The Post has learned.
The end of the eight-year lock-up opens the door for Bank of America, which bought Merrill several months after the Bloomberg deal was announced, to start cutting back on its $420-million-a-year Bloomberg terminal rental tab.
In perhaps the Brian Moynihan-iest thing ever, it turns out that even if the Bank of America (BAC) CEO wanted to cut back dramatically on Bloomberg terminal fees he is essentially handcuffed by the legacy of the Merrill Lynch acquisition.
But everybody nobody keeps Brian in a corner...
Like other banks, BofA is under pressure to cut costs in a time of volatile markets.
The bank, led by CEO Brian Moynihan, is weighing a move to pare back the number of Bloomberg terminals by as much as 5,000, or 25 percent, sources said.
That's right kids, Brian Moynihan is going to ponder these terminal fees and maybe throw out like one in every four once he is, like, allowed. It's almost too simple; BofA needs to slash spending like yesterday and there is a half-a-billion dollar annual expense just staring it in the face that could be pared down at the open of Q3. All it would take is a balls-out, take no prisoners piece of decision making from Brian Moynihan to walk around the office ripping terminals off of desks and yelling "KA-CHING!" every time one hits the floor.
So, yeah, it probably won't happen.
“Bloomberg is a valuable partner of ours,” Larry Di Rita, a BofA spokesman, told The Post. “Terminals are a big part of that partnership. We work with them on many different areas and definitely plan to continue doing so through this year and beyond.
“It is incorrect that this relationship will change in July of 2016,” Di Rita said.