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To Download a PDF of an Interview with Daniel L. Doctoroff, President Willis_LeadersMag_Willis_LeadersMag 8/16/11 9:04 AM Page 3 There’s a new day dawning in Lower Manhattan. But no jobs could be created, no dirt could move, no steel could rise upward without the cover of insurance. That is a job for The Value of the Terminal Willis, a leading broker on the world’s most complex projects. An Interview with Daniel L. Doctoroff, President and Chief Executive Offi cer, Bloomberg L.P. EDITORS’ NOTE Daniel Doctoroff dollars on these bailouts. Today, it looks What do you see as your major oppor- became President of Bloomberg L.P. like we’ll get paid back with a profi t. tunities for continued growth? www.willis.com/williscause in January 2008 and CEO in August The financial institutions are We have three primary areas of growth op- 2011. From 2002 through 2008, largely healthy, which they weren’t be- portunity, all of which leverage the skills we’ve he was the longest-serving Deputy fore the crisis hit. The automobile in- built with the terminal, the relationships we have Mayor for Economic Development dustry, which was more or less given as a result of the terminal, or the infrastructure and Rebuilding of the City of New up for the debt, had a market capital- we’ve developed to make the terminal successful. York, under Mayor Michael R. ization of $8 billion in early 2009; it is The fi rst area is to move beyond the individual Bloomberg. Before joining the now over $100 billion. traders, salespeople, and investors who are primary Bloomberg Administration, Doctoroff So we’ve made enormous progress. customers to products and solutions that serve the was Managing Partner of Oak Hill Now it’s up to leadership in Washington data needs of our customers’ entire organizations. Capital Partners, where he worked for to defi ne a set of rules of the road going The second is to use our skills at ingesting large 14 years. During 1994, while at Oak Daniel L. Doctoroff forward that give people the confi dence amounts of data, infusing it with news, providing Hill, Doctoroff founded NYC2012. He to raise the level of investment. great tools to analyze it, and then displaying and was recruited into the Bloomberg Administration Have the key issues on fi nancial regula- distributing it, which we’ve never done outside of in late 2001. Doctoroff previously worked as an in- tion reform been addressed and are we safe- the securities industry before, and to start applying vestment banker at the former Lehman Brothers. guarding ourselves against another collapse? them in other areas like government and law. He received a B.A. from Harvard College in 1980 There is no question that major reforms have The third area is news. We are enthusiastic and a J.D. from the University of Chicago Law been put in place. Are we seeing such a fundamen- about our business model where unlike other School in 1984. Before attending law school, tal realignment within the fi nancial services industry news organizations, our news is not supported Doctoroff was a political pollster. He is also a that it won’t look the same going forward? No. But primarily by advertising and subscriptions but member of the Committee on Capital Markets has there been signifi cant de-risking? Absolutely. by a terminal. At the same time, the more ef- Regulation, the Council on Foreign Relations, and Your business at the core is the Bloomberg fi cient and more effective our news-gathering sits on the boards of the Committee Encouraging Terminal. How do you continue to innovate operation is, the more valuable the terminal is. Corporate Philanthropy, World Resources Institute, around that product? Still, we’ve largely done one thing for most Youth, I.N.C., Human Rights First, Riverside Park Over the past two and a half years, we of our history and it is always a challenge to Fund, and National Academy Foundation. have increased the size of our workforce by diversify. A big part of the process we’ve been over 25 percent – the bulk of those people through over the past three years is learning COMPANY BRIEF Headquartered in midtown are technologists. how to do new things. Manhattan, Bloomberg L.P. (www.bloomberg.com) We have increased the number of touch points Is Bloomberg a New York-based com- is a privately held fi nancial software, news, and we have with our customers. And we have ex- pany that does business globally or a global data company founded by Michael Bloomberg and panded our news operation and have gone more company that is based in New York? partners in 1982. The company provides fi nancial global. There are almost an infi nite number of op- Given who Mike Bloomberg is, it’s hard software tools such as analytics and equity trading portunities to make our core product, the Bloomberg not to look at it as a New York-based company platform, data services, and news to fi nancial com- Terminal, more valuable to our customers. that is truly global in its outlook. panies and organizations around the world through Ultimately, that is our major objective. By New York is an essential part of who we the Bloomberg Terminal, its core money-generat- doing so, we open up new markets and ensure are, just like it’s Mike Bloomberg’s DNA that is ing product. Bloomberg L.P. has grown to include a our existing customers will remain customers. imprinted on this company and in many ways, global news service, including television, radio, the Your revamp of Bloomberg Businessweek guides what we do and how we do it. Internet, and printed publications, including the re- has received a lot of acclaim. Do you have a The ethos of New York – the sense of un- vitalized Bloomberg Businessweek commitment to print long term and do you limited opportunity, the diversity, the apprecia- envision a future for it? tion for multiple cultures, and the openness of Today, many are concerned about stagna- Print will be the primary source of con- it – is a big part of who we are. tion and are uncertain about the future. Are suming content for a smaller number of people What is it about New York that has we still on the right track toward economic over time. They will be prepared to pay more made it a place where you can build a col- recovery? for it, but you’ll see meaningful migration, and laborative culture through organizations There is no doubt the recovery has been relatively quickly, to digital forms. like the Partnership for New York City? slower than most people would like, particu- Somebody asked me whether I expected to New York has a much stronger personality larly in terms of employment. But it’s important see Bloomberg Businessweek in print in 10 years than many other cities and the types of people to refl ect on where we are today compared to and I honestly don’t know – there is a chance you that run businesses or have major leadership where we were two years ago. won’t, as virtually everyone will have a tablet. positions with businesses see in New York a In early 2009, we had $2.7 trillion in govern- But there probably will still be a small refl ection, to some extent, of themselves. ment assistance through various bailout programs. group of people who will pay for the privilege I also think 9/11 got people to think about Many thought we might lose hundreds of billions of of reading it in print. their responsibility to the city in a different way. • Image courtesy of Silverstein Properties 38 LEADERS POSTED WITH PERMISSION. COPYRIGHT © 2011 LEADERS MAGAZINE, INC. VOLUME 34, NUMBER 4 Untitled-2 2 8/16/2011 4:52:54 PM.
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