13 Facts About Bankers Trust

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.

Bankers Trust Company was incorporated on March 24,1903, with an initial capital of $1.

Bankers Trust quickly grew to be the second largest US trust company and a dominant Wall Street institution.

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 1916, it completed alterations to the Bankers Trust Building, its offices at the corner of Wall and Nassau Streets that it had built 4 years earlier.

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Under Prosser's leadership, Bankers Trust merged with the Astor Trust Company on April 23,1917.

In 1957,42 year old William Moore, an executive vice president and director, became chairman and chief executive officer of the Bankers Trust Company succeeding Colt who ahad became chairman in 1956 when Ardrey became president.

In 1980, Bankers Trust exited retail banking under the direction of Brittain.

Bank of Montreal wanted to include BankAmericard 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.

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.

In late 1998, shortly before Bankers Trust was acquired by Deutsche Bank, BT pleaded 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.

In 1995, litigation by two major corporate clients against Bankers Trust shed light on the market for over-the-counter derivatives.

Bankers Trust employees were found to have repeatedly provided customers with incorrect valuations of their derivative exposures.