What was making the financial headlines one, five and 10 years ago?
One year ago…
The UK’s Financial Services Authority published the findings of an internal review into what it knew about problems with the Libor benchmark rate after the rigging scandal. The regulator’s internal audit function searched 17 million records, 97,000 documents and interviewed 20 FSA staff or ex-staff, finding that the FSA, at all levels of management, had been aware of “severe dislocation” in the Libor market and should have managed the information better. Meanwhile, at Lansdowne Partners, one of Europe’s largest hedge funds, it emerged that co-founder and chief executive Sir Paul Ruddock was to retire.
Five years ago…
Having recently been bailed out by the UK taxpayer and having posted the largest loss in UK corporate history, Royal Bank of Scotland, under its new CEO Stephen Hester, was under political pressure to focus on expanding its lending business in its domestic market, yet its financing mandates included clients as far afield as Abu Dhabi, Qatar and Australia. A greater emphasis on the UK, though, seems more likely now, after Hester’s successor as chief executive, Ross McEwan, last week unveiled plans to radically scale back the business.
Ten years ago…
JP Morgan was shuffling leadership at its investment bank, with equities head Steve Black and credit and rates boss Bill Winters named co-chief executives, succeeding David Coulter, who was moving to take greater responsibility for the bank’s private equity business. Winters left in late 2009 in a shock move among several top-level changes that saw Black become the investment bank’s executive chairman. Former asset management head Jes Staley replaced the duo at the top of the investment bank. Winters re-emerged in early 2011 at the helm of Renshaw Bay, a global alternative asset management and advisory boutique.
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