Bloomberg is to make sweeping changes to its data compliance and journalism practices after independent reviews found that the company failed to stop its reporters from using private data for newsgathering.
The reviews, which were commissioned after customers Goldman Sachs and JPMorgan voiced concerns last spring about Bloomberg’s journalism practices, said the financial data and news company now exercised proper client data policies and controls.
However, it added that Bloomberg journalists were previously encouraged to use data from its $20,000-a-year terminals to track the Bloomberg users that they wrote about. There was a general understanding in the newsroom that journalists should not reveal such practices, the reviews also found.
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