When Frank Newman took over as chairman of Bankers Trust in 1996 it was reeling from the collapse of its core derivatives business following accusations – supported by damning evidence of tape-recorded telephone conversations – that its employees had duped American companies into complex and loss-making trades.
The outgoing chairman, Charlie Sanford, who had raised Bankers Trust from a mediocre commercial bank to a profitable laboratory of financial innovation, retired early. Sanford’s chosen successor, Eugene Shanks, also quit.
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