The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

A Bloomberg terminal displays news while traders work on the floor of the New York Stock Exchange, May 16, 2013.
A Bloomberg terminal displays news while traders work on the floor of the New York Stock Exchange, May 16, 2013.
(Brendan McDermid/Reuters)

SCOTT BARLOW

Bloomberg terminal row signals banking’s cultural shift

ROB Insight is a premium commentary product offering rapid analysis of business and economic news, corporate strategy and policy, published throughout the business day. Visit the ROB Insight homepage for analysis available only to subscribers.

For Bloomberg LLC’s Canadian business, the scandal around journalists using terminals to snoop on bankers is the least of their worries – the thing they really fear is cost cutting. The move to reduce the tens of thousands of dollars paid every year for each Bloomberg terminal also highlights an interesting cultural shift in the Canadian investment industry that minimizes the importance of individual star traders and brings us closer to bank-led corporate hegemony.