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Bloomberg Didn’t Sell Enough Terminals So Now Everyone’s Bonuses Are Getting Whacked

Source: http://www.businessinsider.com/bloomberg-didnt-sell-enough-terminals-so-now-everyones-bonuses-are-getting-whacked-2012-1

The lower bonus situation on Wall Street isn’t just for the bankers, but for the companies that service the bankers as well.

Since Bloomberg LP failed to meet its quota for selling its famous terminals, everyone at the financial media giant will receive lower bonus payouts, the New York Post reported citing an internal memo.

That means your favorite Bloomberg News reporters and Bloomberg TV anchors will take home a lower paycheck, according to the report.

If you’re not already familiar with the Bloomberg terminal, it’s basically a computer that’s targeted toward financial professionals so they can message other users, obtain real-time market data, news and stock quotes among many other functions.

They’re really awesome.

According to the Post, there are currently 310,000 terminals that are being used worldwide.  However, the company only added 13,672 in 2011, which was short of its internal sales goal of 15,000.

So if they sold 1,328 more they wouldn’t be having this lower payout problem.  Of course, it’s not exactly the best environment out there on Wall Street.

On a side note, revenue at Bloomberg climbed $720 million, or 10.5%, to $7.59 billion, the Post reported.

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See Also:

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• Moynihan Says Bank Of America Could Save Up To $3 Billion Annually Cutting Costs
• GASPARINO: Here’s The Real Reason Why Morgan Stanley Capped Its Bonuses