Goldman 'babbles'


Goldman Sachs is spearheading an effort among Wall Street's leading banks to develop a chat tool called 'Babble' that could replace the instant messaging service on Bloomberg's ubiquitous terminals.

CNBC reports that the project is the starkest sign yet of growing strains between big banks and the company founded by Michael Bloomberg, the former New York mayor.

Bloomberg dominates the financial news and data landscape on Wall Street, charging more than $20,000 a year for use of its terminals at a time when banks are under intense pressure to cut costs and comply with new regulations.

The company's internal messaging service, known as Instant Bloomberg, is one of the main ways for bankers and traders to keep in touch with their customers at pension funds, hedge funds and asset managers.

Goldman's chatroom project comes after tensions between big banks and Bloomberg were also heightened last year when senior executives at the bank confronted the company over its reporters allegedly using private terminal data to track bankers.

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Goldman bankers to Babble on their own chatroom

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