Bloomberg Ravi Prakash

BLOOMBERG L.
P COMAPANY
PRESENTATION BY
-M. RAVI PRAKASH

(xx030)
PGDAM, HMA
20 DEC 2018
 Born in 1981, Financial,
software, data, and media
company headquartered in
Newyork city.
 Across 73 countries, 176
offices , 19000 Employees
325,000 subscriptions globally.
 Founders are Michael Bloomberg, Thomas Secunda, Duncan

MacMillan, Charles Zega
 Private, Limited partnershiip company , Michael Bloomberg holds
88% of share
2
 Core Competency: Real-time data on every market, breaking news,
in-depth research, powerful analytics, communications tools and
world-class execution capabilities — in one fully integrated solution
through the Bloomberg Terminal.
3 LEADERSHIP
ORGANIZATIONAL STRUCTURE
 Strives to have a flat organizational design with few levels of hierarchy:
 No private offices or enclosed meeting rooms even for

executives
 All employees sit in long rows identical, terminal -laden desks
 Employees do not stay in one positions for too long and donot
have official titles
 Managers are constantly rotated through different departments
 Employees are evaluated purely on their performance.
4
PRODUCTS AND SERVICES
 Bloomberg Professional Services (Since 1981)
 Bloomberg News (Since 1990)
 Bloomberg Radio (Since 1992)
 Bloomberg Television (Since 1994)
 Bloomberg Markets (Since 1992)
 Bloomberg Law (Since 2009)
 Bloomberg Innovation Index
 Bloomberg trade book
5
BLOOMBERG OVERTIME LAW SUITE
 The Bloomberg overtime lawsuit alleges the company had

deliberately denied overtime pay to their analytic employees.
 The lawsuit was filed by three Bloomberg analytic employees in

April 2014 by lead plaintiffs Eric R., Alexander L., and William V.,
alleging they and other employees were wrongfully misclassified
as exempt from overtime pay.
 Denying proper overtime pay not only violates the Fair Labor
Standards Act (FLSA), but New York and California labor laws as
well.
6 Contd..
 EXTRACT OF OVERTIME SECTION FROM FAIR LABOUR
STANDARD ACT :
“ Administrative, executive, or professional employees to be

considered exempt who must be paid on a salary basis and must
spend most of their time performing job duties that require the use
of discretion and independent judgment”
 Companies must pay employees 1.5x their hourly rate if they work over
40 hours in a single work week, and can only classify an employee as
exempt if their job meets specific requirements.
7 Contd..
 Analytic representatives are responsible for answering
customers’ questions when they are using the Bloomberg web
service through chat windows.
 Like many other companies, Bloomberg offers this customer

service option for customers who have urgent or quick questions
that can be answered faster than calling customer service. These
questions vary between customers, ranging from general
questions to technical inquiries in how to use Bloomberg for
business purposes. As per them these are routine “any
monkey can do” and did not require discretion and
independent judgement.
 Even though these Bloomberg employees would regularly work

over 40 hours a week, they were allegedly denied overtime and
were wrongfully classified as exempt.
8 Contd..
 Bloomberg defended “Some of these requirements include the
nature of their occupational duties and if they have the
power to hire or fire other employees”.
 Judge Cote stated that analytic employees in the proposed Class

have the same job title and occupational duties, as well as
identical initial job training. In addition, these Class Members
were also evaluated based on the same merits for their
respective jobs.
SETTLEMENT TERMS (June 2018):
 According to the settlement terms, Bloomberg will admit to no

wrong doing and pay the settlement to resolve the Bloomberg
overtime lawsuit.
 A $54.5 million settlement has reportedly been reached in

9
a Bloomberg overtime lawsuit.
SOURCES OF DATA
 www.bloomberg.com
 https://en.wikipedia.org/wiki/Bloomberg_L.P
 https://www.nolo.com/legal-encyclopedia/employer-pay-overtime-
laws-29928.html
 https://topclassactions.com/lawsuit-settlements/lawsuit-
news/850652-bloomberg-overtime-lawsuit-settled-for-54-5m/
10
THANK YOU
11

Bloomberg Ravi Prakash

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Bloomberg Ravi Prakash

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BLOOMBERG L.

-M. RAVI PRAKASH

 Founders are Michael Bloomberg, Thomas Secunda, Duncan

 No private offices or enclosed meeting rooms even for

 All employees sit in long rows identical, terminal -laden desks

 Managers are constantly rotated through different departments

 Employees are evaluated purely on their performance.

 Bloomberg News (Since 1990)

 Bloomberg Radio (Since 1992)

 Bloomberg Television (Since 1994)

 Bloomberg Markets (Since 1992)

 Bloomberg Law (Since 2009)

 Bloomberg Innovation Index

 Bloomberg trade book

 The Bloomberg overtime lawsuit alleges the company had

 The lawsuit was filed by three Bloomberg analytic employees in

“ Administrative, executive, or professional employees to be

 Like many other companies, Bloomberg offers this customer

 Even though these Bloomberg employees would regularly work

 Judge Cote stated that analytic employees in the proposed Class

 According to the settlement terms, Bloomberg will admit to no

 A $54.5 million settlement has reportedly been reached in

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