Bloomberg Brings a Piece of New York to London

Last Updated on Tuesday, 28 September 2010 09:37 Tuesday, 28 September 2010 09:37

Written by Kevin Coy

News on News spent a day with the team at Bloomberg's London Headquarters to see how a slice of the 'Big Apple' has been transplanted into the heart of the UK Capital.

Bloomberg Television has gone though a simply astonishing transformation in the past 18 months, and Bloomberg’s London headquarters is no exception. Not long ago, the spread of Bloomberg Television was wide, available in many different languages, with an incoherent structure and massive differentials between output on its English language feeds. How times have changed, and what a change it has been.

Since the start of 2010, Bloomberg has closed all but one of its non-English language broadcasts, and effectively merged its mainstream English language feeds into one truly global business news offering. For viewers across Europe, the business news cycle starts at midnight when programming from the network’s Hong Kong headquarters. Non-stop, live and up-to-the minute coverage of the Asian trading day keeps viewers in touch through the small hours on market moves throughout the far-east and Australasia, whilst also looking at the effects of the previous day’s (or previous week’s) trade on Wall Street is likely to have as the day progresses.

In the early hours of the morning in Europe, the London headquarters of Bloomberg kicks into gear, and starts chipping in with the early sentiment from around the region.

The Touch Screen Display on Bloomberg's Main Set in London

Bloomberg’s London headquarters doesn’t sound like much on paper, or indeed a computer screen, but that would be understating matters considerably. Based on the picturesque Finsbury Square located in the financial heart of London, Bloomberg occupies City Gate House, a former gentleman’s club serving the trading districts of the British Capital. The building was originally designed by Giles Gilbert Scott, who also designed the iconic red telephone box, and the Battersea Power Station, both still visible in and around London. When Bloomberg acquired the building, which is in fact is located on Finsbury Circus, the old Standard Life building at 50 Finsbury Square was also acquired, and the two combined to create the building as it stands today, thus taking the more affluent address of the latter. The whole complex also takes in a third, smaller building, which was merged into the current layout when Bloomberg took up its tenancy, this building being located in Lackington Street. The structure, which overlooks the square, and is surrounded by banking institutions from around the world, is reminiscent of the stature and symbolism of the old British Empire. Indeed, one could easily confuse it as the central bank of an industrialised nation.

Behind the Scenes of In The Pulse with Andrea Catherwood Inside, things couldn’t be farther from the ornate colonial outer shell of the building. Immediately upon entering the main entrance, a modern – as far as to say futuristic – reception area spreads out over a vast open space. Immediately, the sheer expanse of the facility becomes self-evident, and the hustle and bustle inside, is a far cry from the peaceful, relaxing atmosphere right outside the door in Finsbury Square.

Travelling up an escalator reveals a considerable refreshment area, stacked to overflowing with fresh fruit, all the coffee one would need for a busy day in the City. This is the first taste of how the London headquarters quickly becomes a model of its larger counterpart in New York.

Over several floors are the many different functions of the Bloomberg operation in London, often emulating the same functions that are executed over in the US, but for the European audience. Rows of desks fill the floors, each with the instantly recognisable four-screen Bloomberg terminals. In the middle of the floors is a spectacular atrium, and something that really wouldn’t be thought possible when viewing the building from the outside. Mayor Michael Bloomberg’s influence is clearly identifiable with the vast array of over-size fish tanks housing many varieties of tropical fish.

Bloomberg Television’s output comes from a state-of-the-art, modern broadcast facility, encompassing a large studio in the middle of the floor, packed with the latest technology including a touch screen video wall, and its own dedicated camera crane for those extravert shots.

Behind the main studio area is the Markets Desk where Bloomberg London’s market reporters operate from every morning. The main presenter of the programme on air shuffles back and forth between the main studio area, and the markets desk, creating a real sense of urgency and thrill across the whole floor.

Standing near to the markets desk, Andrea Catherwood’s The Pulse was on air. Bloomberg have introduced some very innovative techniques in recent times to bring the same sense of urgency felt throughout the studio, to the viewer at home. To do this, Andrea was sat literally on the Markets Desk whilst speaking to Manus Cranny. I must admit, when I first saw this approach on air, I’ll freely admit to being somewhat sceptical. The funny thing is though, it works.

Manus Cranny, formerly of CNBC Europe, appears on air several times an hour, depending on the day’s news flow, and can be talking about a vast array of subjects. Off air, and when talking about non-markets related stuff, a sense of professionalism and sheer financial intelligence quickly envelops him. Manus moved back into broadcasting after spending a few years away from the full time pressures of the camera, as head of sales at MF Global's Private Client division in London.

Manus Cranny prepares to go on air from the Markets Desk

Everywhere in the building, whether in the reception area or on the floors of the newsrooms and studio it is clear that money is no issue here. Everything is of the highest quality, and extravagance is plain for all to see.

As the trading day in Europe reaches the lull of the lunchtime period, Bloomberg’s New York headquarters kicks in and takes over from London at around midday, to take viewers up to the opening bell on Wall Street. Even though live programming has now been handed over, the studio remains a busy and vibrant area, with updates being broadcast from Europe to viewers around the world.

As I said at the very start, Bloomberg Television has come on a long way compared to 18 months ago, and this little taste of New York City, and the buzz of Wall Street in the heart of the City of London is simply breathtaking.

Doubtlessly, Bloomberg Television is still a work in progress, but with a few touches up here and there, it will be well on its way to compete directly with CNBC’s worldwide dominance of the television business news market.

I personally expect, and am convinced I’ll see, big things from Bloomberg Television in the coming 18 months, especially from what is an eclectic London headquarters.

News on News’ Kevin Coy visited the London headquarters of Bloomberg on July 30th 2010. News on News would like to thank the staff of Bloomberg for their hospitality, and contributions to this feature.