It has been a good year for news but a bad one for good news. Gloomy tales from the securities industry emerged against a backdrop of an unsteady macroeconmic environment and a political scene dominated by global protests. The market doomsayers of 2010, it has transpired, were right and their ranks are swelling as we head into 2012.

Below is a timeline of the main events that impacted the financial services industry in 2011.