Note to JPMorgan Chase analysts: If you like your Bloomberg terminal, you'd better make a big show of how constantly using it generates big money for the bank. Otherwise Jamie is going to come down from his office and shove that thing off your f@cking desk before you can even say "<HELP>"
The JPMorgan Chase CEO is preparing to rip out thousands of its $21,000-a-year Bloomberg terminals over the coming two or three years, which may crimp the private financial data company that’s made Mike Bloomberg one of the world’s richest men, The Post has learned exclusively.
The New York-based bank is in the midst of negotiating contracts with Thomson Reuters — Bloomberg’s main competitor — to replace at least 1,000 to 2,000 terminals worldwide during the next two years, according to a person directly familiar with the company’s plans.
If this Thomson Reuters PR operative "person directly familiar with the company’s plans" is right, Jamie is clearly negotiating his terminal fees in public fed up with the whole Bloomberg pricing model.
Hey, you don't get to be the Khaleesi of Wall Street by not watching costs, and according to The NY Post, JPMorgan pays Bloomberg at least $210 million a year for its terminals. For the man who once identified fresh flowers as an extraneous cost, that's a lot of money.
But is Thomson Reuters really ready to launch a product that can compete with Uncle Mike's Magical Machines? There's been a lot of chatter about what this whole Eikon thing can do (especially if it maybe acquires the Symphony messenger platform which rumor has it is very possible) but will bankers readily part with their Bloombergs?
JPMorgan wouldn’t force anyone to give up their terminal if it was absolutely needed, and the changes wouldn’t affect most people working in investment banking or asset management, one source said.
Oh, this just all about money?
The shift to Reuters is projected to save the company between $18 million and $36 million a year.
So, no? $36 mil ain't chump change but it's hardly a massive maneuver from Jamie. Why make such a show of toying with Bloomberg's rep when they've had a such a great working relationship in the past?
In 2011, Bloomberg ran a story that compared the bank to Nazis over a debt deal gone bad. Two years later, The Post first broke the news that Bloomberg reporters had used the terminal to snoop on bankers’ whereabouts by employing terminal functions that weren’t available to other users.
Jamie Dimon; Mother of Dragons.