Frank N. Newman
Frank N. Newman | |
|---|---|
| Born | April 20, 1942 Quincy, Massachusetts, U.S. |
| Occupation(s) | Banker, government official |
| Years active | 1966–2010s |
| Known for | United States Deputy Secretary of the Treasury (1994–1995) |
Frank Neil Newman (born April 20, 1942) is a prominent American banker who held the position of Under Secretary of the Treasury for Domestic Finance between 1993 and 1994, followed by his tenure as United States Deputy Secretary of the Treasury from 1994 until 1995.
Biography
Born in Quincy, Massachusetts on April 20, 1942, Frank N. Newman completed his secondary education at Thayer Academy before obtaining a B.A. degree in Economics from Harvard College in 1963.
Newman launched his professional journey in 1966 at Peat Marwick Mitchell & Company as a manager. Three years later, in 1969, he advanced to the role of Vice President at Citicorp. By 1973, he transitioned to Wells Fargo, initially serving as Vice President until 1980, then ascending to Executive Vice President and Chief Financial Officer until 1986. Subsequently, he joined BankAmerica Corporation, where he rose to Vice Chairman and CFO, steering the institution through a critical recovery phase up until 1993.
In 1993, Newman was appointed by President Bill Clinton as Under Secretary of the Treasury for Domestic Finance. The following year, he was elevated to the role of United States Deputy Secretary of the Treasury, which he held until 1995.
After his public service, Newman re-entered the private sector as Vice Chairman at Bankers Trust, later becoming its President and Chief Executive Officer from 1996 through 1999.
In 2005, Newman took on the role of CEO at Shenzhen Development Bank, a publicly traded financial institution operating across 20 cities in China. Confronted with significant difficulties following a U.S.-based private equity firm's acquisition of a 20% stake, he successfully led efforts to restore the bank’s profitability without reliance on government assistance. After the majority stake was sold in 2010, Newman retired and assumed positions as an Independent Senior Advisor to SDB and chairman of Promontory Financial Group in China, 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