Amid widespread layoffs in tech and finance, Bloomberg LP plans to hire 1,000 new employees in 2023, according to an anonymous post on the career site Blind.

The post cited a memo distributed by Vlad Kliatchko, the head of Engineering, Data and Product. The plan was mentioned as a part of an announcement about a general restructuring.

At the end of the memo Kliatchoko wrote:

“At a time when many companies are retrenching, I’m excited to be part of an organization that is continuing to make long-term investments. In fact, Mike has approved adding over 1,000 new employees across the company in 2023, many in PDE. He’s enthusiastic about the plan, our team and our work. Thank you for your inspiring creativity and dedication to our mission. Working together, and with this strong investment, we can achieve even greater success moving forward. Vlad”

The move wouldn’t come as a surprise to people familiar with how Mike Bloomberg operates.

(I left Bloomberg a year ago after spending 32 years at the company in senior roles in the editorial and product divisions.)

Over the past several decades, Mike has consistently used the advantage of being a private company to expand during downturns in the market and economy.

Public companies often face pressure from shareholders to cut costs, something we are currently seeing across the tech sector with Google, Microsoft, Amazon and others.

Mike expanded investment after the dot-com meltdown in the early 2000s and held headcount steady after the global financial crisis in 2008.

He said those moments offered opportunities to make investments in infrastructure and talent that might not otherwise be possible.

Bloomberg has thrived in part due to those decisions, which send signals to its customers and its employees that it is focused on the long term.

Here is the link to the Blind post: