Goldman spearheads new messaging service


The country’s largest banks are rolling out a new service that could help them lessen their reliance on expensive data terminals like those sold by Bloomberg L.P.

The New York Times reports that the service, called Symphony, announced on Wednesday that it would provide a way for employees throughout the financial industry to communicate with one another, as they do on Bloomberg terminals.

Goldman Sachs spearheaded the creation of Symphony, but ended up gathering $66 million from 14 financial institutions that will jointly own the company.

Banks have been unhappy for some time about their reliance on Bloomberg’s data terminals, each of which cost around $20,000 a year.

This unhappiness mounted in spring 2013, when it was revealed that reporters for Bloomberg News had been using data from the terminals to quietly gather information about bank employees.

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Goldman Leads Creation of New Messaging Service

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