Bloomberg LP employees are riled that the financial data giant is doling out lower-than-expected pay for 2011 despite a 10.5 percent jump in overall revenue, sources told the NY Post.
The company, founded by Mayor Mike Bloomberg, said revenue rose $720 million, or 10.5 percent, to $7.59 billion during a tough year for its biggest Wall Street clients, according to an internal memo obtained by The Post.
The company, known for its ubiquitous financial terminals on trading floors, said it fell short of its own internal sales targets, to which employee pay is tied.
According to the employee memo from Chairman Peter Grauer and CEO Dan Doctoroff, employee pay based on terminal sales, known as “certs,” will be below expectations because of the terminal shortfall.
“Although we fell short of our targets, all of us can be proud of our strong year-over-year performance and the progress we were able to make across our businesses — especially considering the difficult environment for our largest terminal customers,” the memo said.
Read more: http://www.nypost.com/p/news/business/bonus_grinches_at_bloomberg_QMznF5kOi48JJjeDhtEaUI
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