New York-bound Bloomberg cuts TV jobs in London
The financial media giant founded by New York mayor Michael Bloomberg is slashing up to 100 jobs at its financial television channel in London as production shifts across the Atlantic, The Independent has learned.
A three-week consultation has been launched with Bloomberg Television's 150 staff in London which is set to see around two-thirds lose their jobs and programme hours cut to five from eight currently.
The channel, which poached CNBC's European anchor Guy Johnson earlier this year, is moving most of the transmission to New York, replicating the model of rival CNN, which has only one transmission gallery in Atlanta.
Sources close to the firm said the decision was "not based on the commercial viability" of the channel, which is available in more than 300 million households worldwide as well as to the 315,000 subscribers of the Bloomberg Professional service. But observers said thousands of job cuts in the financial-services sector was likely to be putting wider pressure on the company, which generates billions in revenues from its terminals.
A Bloomberg spokesperson said the channel "remained dedicated" to reporting European stories but added: "Bloomberg Television is reviewing its engineering and back-office production functions to improve operational efficiencies on a global scale... We are firmly committed to the growth of our London and global business and project overall growth in London-based employment over the next year and beyond."
Mr Bloomberg – an 88 per cent shareholder – set up the business more than 30 years ago when he lost his job as a partner at Wall Street investment bank Salomon Brothers, following its takeover by commodities trader Phibro.
The firm has more than 15,000 employees in 192 locations, including 3,000 staff in London.
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Now diplomacy has failed, boycotting Israel might be the only way we can protect the people of Gaza
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
Kelsey Grammer forgives the man who raped and murdered his sister in 1975
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...