Goldman takes on the geeks

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Lloyd Blankfein is trying to beat Bloomberg’s geek squad.

The CEO’s bank, Goldman Sachs, is leading an instant-messaging revolt against the financial news and information giant in an bid to keep Bloomberg’s powerful data-mining technology at bay, The New York Post has learned.

The newspaper reports that Goldman is wary of Bloomberg’s ability to comb through millions of chat and e-mail messages to glean trade pricing and other valuable nuggets. Hedge funds and other Wall Street clients are increasingly using that information against the banks to level the playing field.

Bloomberg’s data sifting is the biggest reason for the bank’s secret project to develop a cross-bank messaging and market data program, called Symphony, to rival Bloomberg’s dominant instant-messaging platform.

Goldman is upset that Bloomberg can 'scrape' chats and e-mails exchanged through its ubiquitous terminals to find and compile the prices of bonds, currencies, commodities or other 'over the counter' assets that aren’t traded on an exchange, said a source familiar with Goldman’s initiative. JPMorgan, Morgan Stanley and other firms have also been approached about the project.

Hit the link below to access the complete New York Post article:

Goldman cooking up messaging system to battle Bloomberg

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