Goldman Sachs is spearheading an effort among Wall Street’s leading banks to develop a chat tool called Babble that could replace the instant messaging service on Bloomberg LP’s ubiquitous terminals.
The project is the starkest sign yet of strains between big banks and the company founded by Michael Bloomberg, the former New York mayor.
Bloomberg LP dominates the financial news and data landscape on Wall Street, charging more than $20,000 a year for use of its terminals at a time when banks are under intense pressure to cut costs and comply with new regulations.
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