Goldman Sachs Group, Inc. (NYSE:GS) has alleged that some of the reporters at Bloomberg have been using the company’s remote terminals to spy on some of the employees working at the investment bank, reports NYpost citing sources.
As per the sources, the case gained attention when officials of Goldman Sachs Group, Inc. (NYSE:GS) learned that at least one of the businesses news service employee had access to some confidential information about customer usage, which can be obtained from Bloomberg terminal users.
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How it came to light
The spying is also highlighted by a recent incident, when a Bloomberg reporter confronted a Goldman Sachs Group, Inc. (NYSE:GS) executive asking whether or not a partner at the bank had left the Wall Street Bank, saying that the partner has not used his Bloomberg terminal for quite some time.
Later, the investment bank also found out that not only Bloomberg reporters knew whether or not its employees have used a system, but also the reporters have access to the information on how many times an employee had used particular functions.
The whole spying thing is a grave matter concerning the privacy of the company’s affair, and there are no proofs of what information have been compromised up till now.
“You can basically see how many times someone has looked up news stories or if they used their messaging functions,” said one Goldman insider.
Recognizing the gravity of the issue, top executives from Goldman had a meeting with their Bloomberg counterparts.
One of the Bloomberg spokesman told that due to the concern raised by Goldman and sensitivity to data access, it has decided to “disable journalist access” to the customer relationship information for all clients.
However, up till now there has been no news of any action taken by Bloomberg against the concerned employees.
Despite assurances from the analytical company that, after the complaints, necessary actions have been taken, traders at Goldman are still uncertain on the spying thing. Even one of the Goldman Sachs Group, Inc. (NYSE:GS) employees confirmed the steps taken by Bloomberg to fix the issue.
One of the most profitable Wall Street organizations, with annual revenues of more than $6 billion, was founded by Mayor Bloomberg in 1983. The founder, worth about $25 billion, no longer manages the operations of the firm but runs a privately held company.
Bloomberg terminals are an essential part of the daily trading that helps the trading shops in their day to day decisions. Renting a terminal on Bloomberg cost $20,000 a year to a company.