Frank Neil Newman (born April 20, 1942) is an American banker who served as Under Secretary of the Treasury for Domestic Finance from 1993 to 1994 and as

United States Deputy Secretary of the Treasury The United States Deputy Secretary of the Treasury, in the United States government, advises and assists the Secretary of the Treasury in the supervision and direction of the Department of the Treasury and its activities, and succeeds the Secret ...

from 1994 to 1995.

Biography

Frank N. Newman was born in Quincy, Massachusetts, on April 20, 1942. He was educated first at

Thayer Academy Thayer Academy (TA) is a private, co-educational, college-preparatory day school located in Braintree, Massachusetts, United States. The academy, conceived in 1871 at the bequest of General Sylvanus Thayer, known as the father of the United Sta ...

and then later at

Harvard College Harvard College is the undergraduate college of Harvard University, an Ivy League research university in Cambridge, Massachusetts. Founded in 1636, Harvard College is the original school of Harvard University, the oldest institution of higher ...

, receiving a B.A. in

Economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics anal ...

in 1963. Newman joined Peat Marwick Mitchell & Company in 1966 as a manager. In 1969, he moved to Citicorp as a Vice President. He joined

Wells Fargo Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...

in 1973, and worked there as a Vice President from 1973 to 1980, and then as an Executive Vice President and as

Chief Financial Officer The chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and fina ...

from 1980 to 1986. In 1986 Newman then moved to BankAmerica Corporation where he was ultimately Vice Chairman and Chief Financial Officer, where he led the bank though substantial recovery until his departure in 1993. In 1993,

President of the United States The president of the United States (POTUS) is the head of state and head of government of the United States of America. The president directs the Federal government of the United States#Executive branch, executive branch of the Federal gove ...

Bill Clinton William Jefferson Clinton (né Blythe III; born August 19, 1946) is an American politician who served as the 42nd president of the United States from 1993 to 2001. He previously served as governor of Arkansas from 1979 to 1981 and again ...

nominated Newman to be Under Secretary of the Treasury for Domestic Finance. The next year, he became

, holding that office until 1995. Newman then returned to the private sector. He became Vice Chairman of

Bankers Trust Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corp ...

. He then served as President and

Chief Executive Officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especiall ...

of Bankers Trust from 1996 to 1999. In 2005, he became CEO of

Shenzhen Development Bank Shenzhen Development Bank Co., Ltd. was a bank based in Shenzhen, Guangdong, China, listed on the Shenzhen Stock Exchange. Ping An Insurance bought the controlling stake in Shenzhen Development Bank in 2011, from Newbridge Capital (16.76%) and ...

, a national listed bank with operations in 20 cities in China, SDB had come under serious troubles when a U.S based private equity organisation purchased 20% of the bank's shares, at this point Newman led the team that eventually turned around performance of the institution to become healthy and profitable again, this was done without government funding or guarantees.In 2010, after the sale of the majority interest of the bank, Newman retired and became an Independent Senior Advisor to SBD and also serves as chairman in for china based promontory financial group, an IBM subsidiary.

Publications

* ''Six Myths that Hold Back America: And What America Can Learn from the Growth of China's Economy'' (2011), Frank N. Newman, Diversion Books * ''Freedom from National Debt'', Frank N. Newman (2013), Two Harbors Press

References

External links

* 1942 births Living people 20th-century American politicians Acting United States Secretaries of the Treasury American bankers American chief executives of financial services companies American chief financial officers Harvard College alumni People from Quincy, Massachusetts United States Deputy Secretaries of the Treasury {{US-gov-bio-stub