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Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons before being acquired by Deutsche Bank in 1998. ==History== In 1903 a group of New York national banks formed trust company Bankers Trust to provide trust services to customers of state and national banks throughout the country on the premise that it would not lure commercial bank customers away. In addition to offering the usual trust and commercial banking functions, it also acted as a "bankers' bank" by holding the reserves of other banks and trust companies and loaning them money when they needed additional reserves due to unexpected withdrawals. Bankers Trust Company was incorporated on March 24, 1903, with an initial capital of $1.5 million. Despite technically having numerous stockholders, the voting power was held by three associates of J.P. Morgan. Thus, it was widely viewed as a Morgan company. J. P. Morgan himself held a controlling interest, and Edmund C. Converse, a steel manufacturer turned financier and then president of Liberty National Bank, was chosen to serve as Bankers Trust's first president. Bankers Trust quickly grew to be the second largest U.S. trust company and a dominant Wall Street institution. During the Panic of 1907, Bankers Trust worked closely with J.P. Morgan to help avoid a general financial collapse by lending money to sound banks. In 1911 it acquired the Mercantile Trust Company and a year later the Manhattan Trust Company. In 1914 Converse resigned to become president of Astor Trust Company, another Morgan company. He was succeeded by his son-in-law Benjamin Strong Jr.. Strong served as president for less than a year, leaving Bankers Trust to become the first governor of the Federal Reserve Bank of New York after helping to establish the Federal Reserve System. In October 1917 the company became a member of the Federal Reserve system. In 1980, Bankers Trust exited retail banking under the direction of its CEO, Alfred Brittain III. The bank attempted to sell its credit portfolio and branches to Bank of Montreal; however, the deal was not completed due to a disagreement over BankAmercard (Visa). Bank of Montreal wanted to include BankAmercard in the terms of sale, but Bankers Trust did not want to sell the new credit card program licensed from Bank of America due to its profitable future. Eventually, Bankers Trust sold 89 branches to five banks including Republic National Bank of New York. Republic National Bank of New York expanded its branch network to 32 with the opening of a new branch in Manhattan's World Trade Center and the acquisition of a dozen Bankers Trust Company branches--ten in Manhattan, one in the Bronx, and one in Brooklyn.〔Former Bankers Trust employee from 1966-1981. Retail bank manager from 1979-1981〕 Bankers Trust became a leader in the nascent derivatives business under the management of Charlie Sanford, who succeeded Alfred Brittain III, in the early 1990s. Having de-emphasized traditional loans in favor of trading, the bank became an acknowledged leader in risk management. Lacking the boardroom contacts of its larger rivals, notably J. P. Morgan, BT attempted to make a virtue of necessity by specializing in trading and in product innovation. The company shied away from using market data distribution products from companies such as Reuters, instead choosing to develop its own systems in-house. A small development team based in London created BIDDS (Broadgate Information Data Distribution System) which included the Montage front-end package that traders used to obtain data from data feeds and broker screens. In early 1994, despite all its prowess in managing the risks in the trading room, the bank suffered irreparable reputational damage when some complex derivative transactions caused large losses for major corporate clients. Two of these - Gibson Greetings and Procter & Gamble (P&G) - successfully sued BT, asserting that they had not been informed of, or (in the latter case), had been unable to understand the risks involved. In 1997, Bankers Trust acquired Alex. Brown & Sons, founded in 1800 and a public corporation since 1986, in an attempt to grow its investment banking business. The bank suffered major losses in the summer of 1998. Shortly before the Deutsche Bank acquisition in November 1998, BT pled guilty to institutional fraud due to the failure of certain members of senior management to escheat abandoned property to the State of New York and other states. Rather than turn over to the states funds from dormant customer accounts and uncashed dividend and interest checks as required by law, certain of the bank's senior executives credited this money as income and moved it to its operating account. Bruce J. Kingdon, the head of the bank's Corporate Trust and Agency group spearheaded the fraud and (in 2001) entered into a guilty plea in the US District Court for the Southern District of New York and was sentenced to community service. Certain of his subordinates were thereafter barred forever by the SEC from working in the securities markets. With the Bank's guilty plea in the escheatment lawsuit, and thereafter its status as a convicted felon, it became ineligible to transact business with most municipalities and many companies which are prohibited from transacting business with felons. Consequently, the acquisition by Deutsche Bank was a godsend to the bank's shareholders, who avoided losing their entire investments. In November 1998, Deutsche Bank agreed to purchase Bankers Trust for $10.1 billion; the purchase was finalized on June 4, 1999. CEO Frank N. Newman received $55 million in severance. Deutsche Bank sold the Bankers Trust Australian division to the Principal Financial Group in 1999 who, in turn, sold the Investment Banking Business to Macquarie Group in June 1999 and the asset management division to Westpac on October 31, 2002.〔(【引用サイトリンク】 url=http://www.btim.com.au/CompanyHistory )〕 This organisation now uses the name BT Financial Group. Deutsche Bank announced on November 5, 2002 that it would sell The Trust and Custody division of Bankers Trust to State Street Corporation. The sale finalized in February 2003. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Bankers Trust」の詳細全文を読む スポンサード リンク
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