Bloomberg LP employees are riled that the financial data giant is doling out lower-than-expected pay for 2011 despite a 10.5 percent jump in overall revenue, sources said.
The company, founded by Mayor Mike Bloomberg, said revenue rose $720 million, or 10.5 percent, to $7.59 billion during a tough year for its biggest Wall Street clients, according to an internal memo obtained by The Post.
The company, known for its ubiquitous financial terminals on trading floors, said it fell short of its own internal sales targets, to which employee pay is tied.
According to the employee memo from Chairman Peter Grauer and CEO Dan Doctoroff, employee pay based on terminal sales, known as “certs,” will be below expectations because of the terminal shortfall.
“Although we fell short of our targets, all of us can be proud of our strong year-over-year performance and the progress we were able to make across our businesses — especially considering the difficult environment for our largest terminal customers,” the memo said.
Bloomberg set a town hall-style meeting for this week, where employees expect the issue of lower compensation to come up, sources said.
Bloomberg said it had a total of 310,000 terminals installed worldwide, but “net terminal” additions of 13,672 in 2011 fell short of its goal of 15,000.
Non-terminal revenue growth, which includes Bloomberg’s TV and radio operations as well as magazines Bloomberg Businessweek and Bloomberg Markets, also fell short of forecasts. Revenue grew by $216 million last year, below the $335 million targeted.
The missed projections translate into lower bonus money for all the employees at the company, including the 2,300 journalists.
Any chance that the company had of reaching its projected goals was derailed when MF Global, headed by Jon Corzine, collapsed into bankruptcy in December.