What was making the Financial News headlines one, five and 10 years ago?
One year ago…
The London Stock Exchange named Natan Tiefenbrun, previously its head of products and equity derivatives, to succeed the departing Adrian Farnham as chief executive of Turquoise, the UK exchange group’s pan-European trading platform. Tiefenbrun resigned in July this year, and last month started work at Bank of America Merrill Lynch, according to the Financial Services register. Meanwhile, Goldman Sachs staff received the news that just 70 people were being elevated to the firm’s coveted partner level in its biennial round of promotions. The number was the fewest since 1998, when just 57 staff made the grade.
Five years ago…
Citigroup was planning to cut roughly 50,000 jobs in a bid to cut expenses by a fifth, according to Dow Jones Newswires, which cited a slide presentation on the bank’s website. Cuts were on the cards, too, at Royal Bank of Scotland, with around 3,000 staff heading towards the exit from the group’s global banking and markets unit, where John Hourican had taken the helm at the start of November. Hourican himself left the bank in April this year, stepping down as head of the markets and international banking division in the wake of the Libor scandal. He re-emerged as chief executive of the Bank of Cyprus last month.
Ten years ago…
eSpeed, the bond trading network of broker Cantor Fitzgerald, was planning its first move into equities. In July this year, the eSpeed platform was acquired by Nasdaq OMX Group, which was set to integrate the business into its transaction services operations. The move marked the transatlantic exchange operator’s move into the highly liquid market for benchmark US Treasuries. Meanwhile, alternatives firm Permal was developing one of the world’s first sharia-compliant Islamic hedge funds. Sharia products have been slow to catch on, but fresh hopes were raised when George Osborne, the UK chancellor, last month announced plans to issue an Islamic bond.
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