Michael Bloomberg - Business Career

Business Career

In 1973, Bloomberg became a general partner at Salomon Brothers, a bulge-bracket Wall Street investment bank, where he headed equity trading and, later, systems development. In 1981, Salomon Brothers was bought and Bloomberg was fired from the investment bank and given a $10 million severance package. Using this money, Bloomberg went on to set up a company named Innovative Market Systems. His business plan was based on the realization that Wall Street (and the financial community generally) was willing to pay for high quality business information delivered as quickly as possible and in as many usable forms as technically possible (such as graphs of highly specific trends). In 1982, Merrill Lynch became the new company's first customer, installing 22 of the company's Market Master terminals and investing $30 million in the company. The company was renamed Bloomberg L.P. in 1987. By 1990, it had installed 8,000 terminals. Over the years, ancillary products including Bloomberg News, Bloomberg Message, and Bloomberg Tradebook were launched.

As of 2012, the company had more than 310,000 terminals worldwide. His company also has a radio network which currently has its flagship station as 1130 WBBR-AM in New York City. He left the position of CEO to pursue a political career as the mayor of New York City. Bloomberg was replaced as CEO by Lex Fenwick. The company is now led by president Daniel L. Doctoroff, a former deputy mayor under Bloomberg.

As the mayor of New York, Bloomberg declines to receive a city salary, accepting remuneration of $1 annually for his services. He maintains a public listing in the New York City phone directory, residing not in Gracie Mansion – the official mayor's mansion – but instead at his own home on the Upper East Side of Manhattan, at 17 East 79th Street between Madison and Fifth Avenues. He owns additional homes in London, Bermuda and Vail.

Bloomberg says that he frequently rides the New York City Subway, particularly in the commute from his 79th Street home to his office at City Hall. An August 2007 story in The New York Times asserted that he was often seen chauffeured by two New York Police Department-owned SUVs to an express train station to avoid having to change from the local to the express trains on the Lexington Avenue line.

Bloomberg wrote an autobiography, with help from Bloomberg News Editor-in-Chief Matthew Winkler, called Bloomberg by Bloomberg.