BANKING

Bankers Trust Names Chairman: Moving to repair its reputation, Bankers Trust New York Corp. named Frank N. Newman, a highly respected former deputy of the Treasury, as chairman and chief executive. The bank’s board passed over the company’s No. 2 executive, President Eugene B. Shanks, to tap Newman, an outsider who was hired just a month ago as vice chairman. Shanks immediately announced his resignation. Newman will assume Shanks’ post immediately, although it is not clear whether he will retain the job after he becomes chairman when Charles S. Sanford Jr. retires in April. Sanford announced his retirement in May amid accusations that the bank had misled customers about the risk of derivatives.