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Charles “Charlie” Sanford, Jr., was one of the most innovative, entrepreneurial, and philosophical commercial bankers in the post-World War II era. Although little remembered today, he was a pivotal figure in recent financial history who was central to bringing about a tectonic shift in modern commercial banking. He did this by transforming Bankers Trust Company from a commercial bank into a merchant-investment bank. More broadly, he put in place innovative quantitative risk management techniques as the principal tool for assessing risks—tools that became widespread throughout the industry. But his career was checkered. During his tenure at Bankers Trust, the bank’s balance sheet was restructured and profits rose sharply. Yet by the time Sanford retired in 1997, profits were declining and the bank was embroiled in litigation.
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“Business Day.” New York Times, January 15, 1995.
Guill, Gene D. “Bankers Trust and the Birth of Modern Risk Management.” The Wharton School, University of Pennsylvania, March 2009.
Sanford, Charles S., Jr. “Social Contract.” Address, September 1992.Sanford, Charles S., Jr., "Financial Markets in 2020." Address, August 1993a.
Sanford, Charles S., Jr. “The Social Value of Financial Services.” Address, October 1993b.
Sanford, Charles S., Jr. “Managing the Transformation of a Corporate Culture: Risks and Rewards.” Address at the Wharton School, University of Pennsylvania, November 14, 1996.
Vanasek, James G. “Statement of Former Chief Credit Officer/Chief Risk Officer 1999-2005.” Washington Mutual Bank, Before the Senate Permanent Subcommittee on Investigations, April 13, 2010.
- Charles Sanford and the Rise of Quantitative Risk Management
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