News and financial information agency Bloomberg has appointed Sam Palmisano, former CEO of IBM, to conduct an independent review of its privacy and data handling practices.

The probe follows news that Bloomberg journalists accessed information about how certain clients, including JP Morgan and Goldman Sachs, used its paid-for financial data terminals while researching stories. 

The practice came to light after a Bloomberg journalist in Hong Kong asked Goldman Sachs why a certain executive had not logged into the terminal for a while. Co-founder and editor-in-chief Matt Winkler admitted that journalists have access to client log-in details as a way to find out what topics they were interested.

"The error is inexcusable," he wrote. 

Since the revelation, Bloomberg has also appointed a Client Data Compliance Officer. However, Bloomberg CEO Daniel Doctoroff said that the company wants to go even further and get the benefit of independent leading experts so that we set the new standard for privacy and data security.  

"This review will be completed expeditiously, thoughtfully and thoroughly," he said. “Nothing is more important than our clients’ trust."