Goldman Sachs is leading an initiative among Wall Street’s top banks to develop a chat tool called “Babble”, aiming to create an alternative to the instant messaging service on Bloomberg terminals, Financial Times reported.
Financial institutions are seeking a messaging network that comes at a much lower cost and can also be plugged in to different systems and used by both banks and their clients, the report said.
Privacy and security concerns are another factor after reports surfaced in 2013 that some Bloomberg reporters had used the terminal data to track bankers’ activities.
JPMorgan Chase, which was among the firms that raised concerns last year about Bloomberg journalists using proprietary terminal data to inform their reporting, is said to be among those involved in the Babble project.
As of now, Bloomberg’s instant messaging service, known as Instant Bloomberg, is one of the main ways for bankers and traders to keep in touch with their customers at pension funds, hedge funds and asset managers.
– Contact us at [email protected]