This is a very special issue of Euromoney. We are delighted to celebrate having covered the global financial markets for the past 50 years. The current Euromoney team is honoured to be stewards of a proud history begun by Sir Patrick Sergeant in 1969, whose career story we take great pleasure in telling in this issue.
Patrick and long-term editor and chairman of Euromoney, Padraic Fallon, taught us that, for all its complexities, finance is really like any other business: it is about people. People bring success or failure. People give institutions their identity. That’s as true as ever today, even as technology and process become ever more important to banking.
That is also why the Euromoney editorial team endeavoured to interview as many bank chief executives as possible during the first five months of the year. We got to over 70, in all corners of the world. Almost 40 feature in this issue, including, at length, most of the leaders of the biggest banks in Europe and the US. The future of the industry is in their hands.
Finance never stands still and neither does Euromoney. In this issue we launch the Euromoney Bank Index, based on data from 25 top banks around the world. It provides a barometer of the health of banks collectively today. It is encouraging to note that, on many metrics, banking is in much better shape than at any time since the crisis – and perhaps even long before it.
It is a constant privilege to cover this industry and speak regularly to the smart, engaging and challenging individuals who operate in it. We fervently hope that it is a privilege that this team, and those who follow, will continue to enjoy.
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From the managing director
Welcome to Euromoney edition number 601, our 50th anniversary edition.
Euromoney mirrors the industry it serves. Dreamt up on a bench in New York’s Central Park in 1969, it started life as an esoteric newsletter on the nascent Eurodollar market.
It is easy to forget how exotic, tentative and peripheral that market was a first. Since then a remarkable cast of talented people has created the intricate banking institutions that allocate capital across borders and match risk with risk appetite today.
At a time when banks work harder than ever to contend with ever-changing technologies that threaten to disrupt – or promise to revolutionize – their businesses, it is clearer than ever that leadership and institutional culture are what determine success in the end.
We see it as our job to know those better than anyone. I would like to thank our excellent team under Clive Horwood for working hard to do that. I would also like to thank the many bank chief executives and their teams for talking to us. And we thank those institutions that support us for ensuring we can maintain our role as a critical friend of this fascinating industry.
And most of all I would like to thank you, our readers, for your interest. We look forward to following the evolution of this vital and complex business for you over the decades to come.