In a move sure to bolster its image with regulators and investors, Bankers Trust New York Corp. has hired former Deputy Treasury Secretary Frank N. Newman for a newly created No. 3 post.

The appointment makes Mr. Newman, dubbed "Mr. Integrity" by one analyst, a possible successor to Charles S. Sanford, chairman and chief executive. Mr. Sanford is scheduled to retire next year.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.