Bloomberg Names Compliance Chief After Client Data Breach
Bloomberg LP is looking to repair the ongoing fallout over a controversial breach of client data, and the financial information company is adding a new compliance officer to help.
Bloomberg executive Steve Ross will now lead the companys client data compliance office as Bloomberg continues to field questions over the division between its newsgathering operation and its core businessthe $20,000-per-year data terminals employed by bankers to monitor market conditions.
Last week, after Bloomberg received a complaint from Goldman Sachs, the New York Post revealed that Bloomberg News reporters were able to view certain uses of the terminals by clients, including log-on data. The Federal Reserve and the European Central Bank, also Bloomberg clients, reportedly contacted the company for more information on the issue.
Ross, whos been with the company for 22 years, is well acquainted with the cornerstone of Bloombergs $8 billion business. He previously served as chief operations officer for the companys core product division, which steers product development, sales, and marketing of the Bloomberg terminal, according to a bio provided by a company spokesperson.
From 2009 to 2010 Ross led the companys R&D department. Earlier in his career he played leading roles in the development of Bloomberg Launchpad, a workflow tool, and of Bloombergs instant messaging service.
Now hes tasked with overseeing corporate policies and controls concerning access and use of client data, according to the bio.
In an email to employees calling journalists access to the client data a mistake, Bloomberg CEO Daniel Doctoroff described Rosss new role thusly, according to Business Insider:
Steve is responsible for reviewing and, if necessary, enhancing protocols which among other things will continue to ensure that our news operations never have access to confidential customer data.