Bloomberg LP Announces First-Ever Layoffs

While Mayor Michael Bloomberg is talking about 23,000 city jobs being on the line due to the budget crisis, the company he found announced that it will make the first layoffs in the company's history. The NY Times reports that 100 jobs will be eliminated "in Bloomberg’s radio and television divisions, which are being reorganized around the world. Most of those laid off are based in New York City, where Bloomberg has its headquarters. The cuts represent about 1 percent of the company’s more than 10,000 employees." However, the Bloomberg LP spokeswoman, who confirmed the company makes $6 billion in annual revenue, says that the cuts are not due to the recession and that the company is planning on about 1,000 new hires. The Mayor owns about 80-90% of Bloomberg LP.