The New York Times has a big four-author, four-page article about the problems at Bloomberg, which recently had to do a modest round of layoffs.
There's one nugget in there that explains all of the company's issues:
The total number of terminal subscriptions increased by 23,000 in 2010 and 14,000 in 2011, but only by 1,000 in 2012 and 3,000 so far this year, according to several employees’ estimates.
That's it. At Bloomberg, the Terminal is the Sun God, which provides money to everything else. If growth there dries up, then the problems reverberate everywhere.