Citi Said To Stop Traders From Using Bloomberg Chat

Citigroup is stopping traders in its foreign exchange division from using internal chat groups on their Bloomberg terminals, in the latest sign of concern by banks over online security issues.

The Financial Times reports that Bloomberg has come under fire over the past week from some of its largest clients over concerns that its journalists accessed private details regarding how they used its powerful financial data terminals.

Citi said the decision to close the Bloomberg chat rooms had been taken before the recent complaints were made. 'This move has been in the works for some time and is unrelated to recent issues', the US bank said.

Citi removes forex traders from Bloomberg internal chat groups (subscriber content)

In the meantime, The New York Post has reported that a number of Wall Street firms are hoping to cut back on at least some of the popular features offered by Bloomberg - moves that could crimp the data distributor’s bottom line.

The firms, (including Citigroup), Barclays, Goldman Sachs and at least one other, are making the move after The Post broke the news that Bloomberg reporters had access to some proprietary client information.

They are looking to pull back on features such as chat and instant messaging in favor of their own more secure, proprietary services.

Banks look to cut back on Bloomberg features

image: © Lisamarie Babik

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News