Insiders

Bloomberg to ax about 100 editorial jobs: New York Post

August 20, 2015 at 09:42 am EDT

(Reuters) - Financial news agency Bloomberg plans to cut about 100 jobs in its editorial division, the New York Post reported.

The announcement could come as soon as Labor Day in early September, the Post said, citing sources.

Many of the layoffs will affect political and government reporters in New York and Washington, D.C, the newspaper said.

Bloomberg employs more than 2,400 in its news division, according to its website.

Michael Bloomberg, the former mayor of New York City, is looking to "cut the fat", an "insider" told the Post.

A spokeswoman for Bloomberg declined to comment.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Ted Kerr)

Michael Bloomberg

Current New York Mayor Michael Bloomberg is also the founder and owner (88 %) of Bloomberg LP, a company of services destined to financial market professionals. With a fortune estimated by Forbes to $ 18.1 billion, Michael Bloomberg is the 30th richest person in the world.

Graduated in Sciences in 1964, Michael Bloomberg obtained a MBA at Harvard Business School. His career as a businessman is launched when he partnered with the investment bank Salomon Brothers where he was in charge of sales and later, systems development.

In 1981, Michael Bloomberg is fired from Salomon Brothers, his severance pay, amounting to $ 10 million, is immediately invested in the creation of Innovative Market Systems, a company which provides financial services.

In 1981, the company was renamed Bloomberg LP. Initially focused on the use of historical data base on curves of US borrowing rate, the company extended its services to professionals by opening up to the economic and financial information as well as news agency as through many media: television, radio, press, internet and books.

In 2008, the group Bloomberg LP employed about 10.000 employees present in more than 130 countries.

In 2001, Michael Bloomberg, anxious to avoid the democratic primary, chose to run as a candidate in the election of the New York Mayor for the Republican Party. He spent $ 70 million of his personal fortune in order to campaign. He won the election in November 2001 with 50 % of the vote against Democrat Mark Green.

On November 8, 2005, Michael Bloomberg is re-elected for a second term of office for a period of 4 years with 59 % of the vote against Fernando Ferrer. He invested $ 50 million to win.

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