Wall Street firms led by Goldman Sachs are close to buying a stake in chat and instant messaging startup Perzo in pursuit of an alternative to a similar application from Bloomberg, sources familiar with Goldman's plans said.
Reuters reports that banks are trying to cut costs as sluggish trading volumes and higher regulation weigh on revenues. Bloomberg has dominated messaging on Wall Street for years, but its application is part of a data, trading and news terminal that costs about $20,000 a year. The Perzo applications are free.
Several banks and asset managers are considering an investment in Perzo, including Morgan Stanley, JPMorgan, Bank of America, Deutsche Bank, HSBC, BlackRock and the hedge fund Maverick Capital, said two sources briefed on the matter who declined to comment publicly.
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