Bloomberg Names Compliance Chief After Client Data Breach

Catherine Dunn reports:

Bloomberg LP is looking to repair the ongoing fallout over a controversial breach of client data, and the financial information company is adding a new compliance officer to help.

Bloomberg executive Steve Ross will now lead the company’s client data compliance office as Bloomberg continues to field questions over the division between its newsgathering operation and its core business—the $20,000-per-year data terminals employed by bankers to monitor market conditions.

Last week, after Bloomberg received a complaint from Goldman Sachs, the New York Post revealed that Bloomberg News reporters were able to view certain uses of the terminals by clients, including log-on data. The Federal Reserve and the European Central Bank, also Bloomberg clients, reportedly contacted the company for more information on the issue.


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