The True State Of Wall Street: Only +1,000 BBG Terminals Sold Through September
While bank CEOs are welcomed on to business media everywhere with their ever-sanguine views of the recovery in everything from bayonets to housing, the true state of the financial sector is nowhere more evident than in the growth of Bloomberg Terminals. The long-term contractual lock-up and relatively expensive nature of the must-have-terminal-if-you-are-serious information provider means it is not an easy decision and when push comes to shove, it seems, Wall Street is not as confident in its future as it perhaps portrays. As the NYPost reports, Bloomberg Chairman Peter Grauer conceded that the company grew its terminal business by a mere 1000 units in the first nine months of 2012 - compared to 13,763 in 2011 (which was itself short of the 15,000 goal). The company remains highly profitable but it would appear to us that between the job cuts we noted last night, CEO expectations of economic outlooks, and now this much more specific data point on Wall Street, that the future is far less rosy than the ebulient consumer seems to believe.