Robert J. Birnbaum

Robert Jack Birnbaum (born 1927) is an American banker who served as president of the American Stock Exchange and president of the New York Stock Exchange.

Robert J. Birnbaum
President of the New York Stock Exchange
In office
May 6, 1985 – 1988
Preceded byJohn J. Phelan Jr.
Succeeded byRichard Grasso
Personal details
Born
Robert Jack Birnbaum

1927
Spouse(s)Joy E. Birnbaum
Gloria J. Birnbaum
OccupationFinancier

Career

From 1961 to 1966, he was chief of regulation and inspection with the New York office of the Securities and Exchange Commission. In 1967, Birnbaum joined the American Stock Exchange and, in 1977, he became president of the Exchange,[1] serving in that role for eight years until 1985.[2]

New York Stock Exchange

In April 1985, Birnbaum was named president and chief operating officer of the New York Stock Exchange, effective May 6, 1985, with a salary of $500,000 per year.[3][4] Birnbaum's appointment was "the first time a senior officer of the Amex has taken a ranking post with its larger rival."[3] In 1986, Birnbaum angered traders of the New York Futures Exchange by stating "N.Y.F.E. is not a major player".[5] He served as president during the market crash of 1987.[6]

In 1988, Birnbaum was replaced as president by Richard Grasso,[7] who had been the executive vice president for capital markets since 1986 and was a member of the Exchange's management committee.[8][9] In a statement by former Exchange president and then Chairman, John J. Phelan Jr. said about Birnbaum: "His many years of experience in operations and extensive knowledge of securities industry issues contributed significantly to the NYSE’s ability to operate smoothly and efficiently during the market crisis."[8] In 2000, he was a director of the Chicago Board Options Exchange.[10]

In February 2009, after the financial market was experiencing a downturn and Wall Street's reputation was diminished, he stated: "It's taken a hit, but so what?" he said. "We don't need all the bright people going to Wall Street, chasing money. There's a lot of things bright people can do. Like find a cure for cancer."[11]

Personal life

Birnbaum was married to the late Joy E. Birnbaum, with whom he was the father of Julie Beth Birnbaum (b. c. 1966), and then to Gloria Birnbaum.[10]

References
  1. "Amex Elects New President" (PDF). The New York Times. 27 May 1977. Retrieved 15 January 2020.
  2. Gilpin, Kenneth N.; Purdum, Todd S. (8 April 1985). "BUSINESS PEOPLE ; Big Board Officers Vie for Top Post". The New York Times. Retrieved 15 January 2020.
  3. Greenberg, Herb (April 5, 1985). "BIRNBAUM NAMED NYSE PRESIDENT". Chicago Tribune. Retrieved 15 January 2020.
  4. "Amex President Named as Head of Larger NYSE". Los Angeles Times. 5 April 1985. Retrieved 15 January 2020.
  5. Gilpin, Kenneth N. (8 November 1986). "Birnbaum Angers Futures Traders". The New York Times. Retrieved 15 January 2020.
  6. Lambert, Emily (October 1, 2010). "The Truth About the Flash Crash". Forbes. Retrieved 15 January 2020.
  7. "Grasso to Replace Birnbaum at NYSE". Los Angeles Times. 4 March 1988. Retrieved 15 January 2020.
  8. Coy, Peter (March 3, 1988). "Robert Birnbaum Stepping Down As Head of NYSE". AP news. Retrieved 15 January 2020.
  9. "Robert Birnbaum Stepping Down As Head of NYSE". AP news. March 4, 1988. Retrieved 15 January 2020.
  10. "WEDDINGS; Julie Birnbaum, Lawrence Duffy". The New York Times. 14 May 2000. Retrieved 15 January 2020.
  11. Segal, David (3 February 2009). "Wall St., a Financial Epithet, Stirs Outrage". CNBC. Retrieved 15 January 2020.
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