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86-520: 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. In addition to offering the usual trust and commercial banking functions, it also acted as a "bankers' bank" by holding the reserves of other banks and trust companies and loaning them money when they needed additional reserves due to unexpected withdrawals. Bankers Trust Company

172-480: A law firm , and which specializes in being a trustee of various kinds of trusts. The "trust" name refers to the ability to act as a trustee – someone who administers financial assets on behalf of another. The assets are typically held in the form of a trust , a legal instrument that spells out who the beneficiaries are and what the money can be spent for. A trustee will manage investments, keep records, manage assets, prepare court accounting, pay bills (depending on

258-541: A long siege and as part of the terms of surrender its Protestant citizens were given two years to settle their affairs before quitting the city. Most went to the United Provinces in the north, starting the Dutch Golden Age . Antwerp's banking was controlled for a generation by Genoa , and Amsterdam became the new trading centre. The recognition of the independence of the United Provinces by

344-616: A "near"-bank status which situates them legally very close to the US savings and loan associations , UK building societies or other non-bank deposit-taking institutions such as credit unions . According to the Canadian Office of the Superintendent of Financial Institutions , "trust and loan companies are financial institutions that operate under either provincial or federal legislation and conduct activities similar to those of

430-551: A Gallo-Roman vicus . Excavations carried out in the oldest section near the Scheldt in 1952–1961 (ref. Princeton), produced pottery shards and fragments of glass from mid-2nd century to the end of the 3rd century. In the 4th century, Antwerp was first named, having been settled by the Germanic Franks . The Merovingian Antwerp was evangelized by Saint Amand in the 7th century. Het Steen Castle has its origins in

516-513: A bank". Deposits and GICs are insured by the Canadian Deposit Insurance Corporation in the same manner as bank deposits. While Canadian trust and loan companies nominally cannot accept retail deposits or issue debentures , they may receive money on deposit in trust, repayable on demand or after notice. As no statute prevents the companies from according chequing privileges to their depositors, effectively

602-622: A cultural centre, has been built in Antwerp (Wilrijk). Ramesh Mehta, a Jain, is a member of the Belgian Council of Religious Leaders, put up on 17 December 2009. There are significant Armenian communities that reside in Antwerp, many of whom are descendants of traders who settled during the 19th century. Most Armenian Belgians are adherents of the Armenian Apostolic Church , while a smaller number are adherents of

688-684: A director of the Astor and Edmund C. Converse was president of the Astor and a director of the Bankers. The Astor continued "with no change in management, as the uptown branch of the Bankers Trust Company." The new company had capital of $ 11,250,000, "undivided profit of more than $ 5,000,000 and deposits of about $ 300,000,000." In October 1917, the company became a member of the Federal Reserve system. Prosser served as president of

774-664: A diverse range of parks and recreational areas for locals and tourists to explore. One of the most popular attractions is the Antwerp Zoo . It opened on 21 July 1843, making it one of the oldest and most famous zoos in the world. The zoo covers an area of 10 hectares and is home to more than 5,000 animals from over 950 species. The zoo is located right next to Antwerp Central Station on the Koningin Astridplein. Antwerp Zoo has played its role in preservation and breeding programmes for several endangered species, including

860-565: A few of them, the postal code has become a cultural reference. Encompassing the area between the river and the Spanish fortification walls, this is the historical heart of Antwerp. On the place of the Spanish walls is now an avenue called de Leien in Dutch or den Boulevard in the local dialect. Tourist sights such as the Cathedral are located here, but also more mundane places. Quarters in

946-460: A gallant defence, Chassé made an honourable surrender, ending the Siege of Antwerp (1832) . Later that century, a double ring of Brialmont Fortresses was constructed some 10 km (6 mi) from the city centre, as Antwerp was considered vital for the survival of the young Belgian state. And in 1894 Antwerp presented itself to the world via a World's Fair attended by 3 million. Antwerp

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1032-617: A minor's property until adulthood or as conservator of the estate of an adult unable to handle his or her own finances. Some trust companies are formed not merely for the benefit of a minor or an individual trustee, but for the preservation of nature or historic sites. A trust department provides investment management, including securities market advice, investment strategy and portfolio management , management of real estate and safekeeping of valuables. The trust company may also provide escrow services, invest education or retirement funds or hold 1031 Exchange proceeds where cash from

1118-440: A one-third interest in an Antwerp banking company, Banque G.&C. Kreglinger, S.A. which was renamed to Banque de Benelux after the transaction. The other one-third partners were Plouvier et Cie., S.A., a Belgian group composed of the former Kreglinger owners, and L'Union des Mines- La Henin, a French investment and holding company in which Bankers Trust had an equity interest. In 1980, Bankers Trust exited retail banking under

1204-523: A parent that was not a Belgian citizen at birth. A notable community is the Jewish one , as Antwerp is one of the only two cities in Europe (together with London and its Stamford Hill neighbourhood) that is home to a considerable Haredi population in the 21st century. Early recorded versions of the name include Ando Verpia on Roman coins found in the city centre, Germanic Andhunerbo from around

1290-408: A policy of toleration, which attracted a large crypto- Jewish community composed of migrants from Spain and Portugal. Antwerp experienced three booms during its golden age: the first based on the pepper market, a second launched by American silver coming from Seville (ending with the bankruptcy of Spain in 1557), and a third boom, after the stabilizing Treaty of Cateau-Cambresis in 1559, based on

1376-425: A set of canal docks. The broader aim was to facilitate the growth of the north-eastern Antwerp metropolitan region, which attracted new industry based on a flexible and strategic implementation of the project as a co-production between various authorities and private parties. The plan succeeded in extending the linear layout along the Scheldt river by connecting new satellite communities to the main strip. Starting in

1462-506: A toll from passing boatmen. He severed the hand of anyone who did not pay, and threw it in the river. Eventually the giant was killed by a young hero named Silvius Brabo , who cut off the giant's own hand and flung that into the river. This is unlikely to be the true origin, but it is celebrated by a statue (illustrated further below) in the city's main market square, the Grote Markt . Historical Antwerp allegedly had its origins in

1548-605: Is a city and a municipality in the Flemish Region of Belgium . It is the capital and largest city of Antwerp Province , and the third largest city in Belgium by area at 204.51 km (78.96 sq mi) after Tournai and Couvin . With a population of 536,079, it is the most populous municipality in Belgium, and with a metropolitan population of over 1.2 million people, the country's second-largest metropolitan area after Brussels . Flowing through Antwerp

1634-536: Is a blend of old and new, with a cultural heritage spanning from the Gothic and Renaissance periods to contemporary designs. In the 16th century, the city was noted for the wealth of its citizens ( Antwerpia nummis ). The houses of these wealthy merchants and manufacturers have been preserved throughout the city. However, fire has destroyed several old buildings, such as the house of the Hanseatic League on

1720-502: Is estimated that the port of Antwerp was earning the Spanish crown seven times more revenues than the Spanish colonization of the Americas". Without a long-distance merchant fleet, and governed by an oligarchy of banker-aristocrats forbidden to engage in trade, the economy of Antwerp was foreign-controlled, which made the city very cosmopolitan, with merchants and traders from Venice , Genoa , Ragusa , Spain and Portugal. Antwerp had

1806-536: Is the river Scheldt . Antwerp is linked to the North Sea by the river's Westerschelde estuary. It is about 40 km (25 mi) north of Brussels, and about 15 km (9 mi) south of the Dutch border. The Port of Antwerp is one of the biggest in the world, ranking second in Europe after Rotterdam and within the top 20 globally . The city is also known as the hub of the world's diamond trade . In 2020,

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1892-685: The 1920 Summer Olympics . During World War II , the city was an important strategic target because of its port. It was occupied by Germany on 18 May 1940 and liberated by the British 11th Armoured Division on 4 September 1944. After this, the Germans attempted to destroy the Port of Antwerp , which was used by the Allies to bring new material ashore. Thousands of Rheinbote , V-1 and V-2 missiles were fired (more V-2s than used on all other targets during

1978-524: The Baltic . The city's skilled workers processed soap, fish, sugar, and especially cloth. Banks helped finance the trade, the merchants, and the manufacturers. The city was a cosmopolitan center; its bourse opened in 1531, "To the merchants of all nations." Antwerp became the sugar capital of Europe, importing the raw commodity from Portuguese and Spanish plantations on both sides of the Atlantic, where it

2064-625: The Carolingian period in the 9th century. The castle may have been built after the Viking incursions in the early Middle Ages; in 879 the Normans invaded Flanders. The surviving structure was built between 1200 and 1225 as a gateway to a larger castle of the Dukes of Brabant which was demolished in the 19th century. It is Antwerp's oldest building. At the end of the 10th century, the Scheldt became

2150-467: The Duchy of Brabant , grew in importance, with the city doubling its population between 1500 and 1569. At the end of the 15th century, the foreign trading houses were transferred from Bruges to Antwerp, and the building assigned to the association of English merchants active in the city is specifically mentioned in 1510. During this time, the old Mediterranean trade routes were gradually losing importance and

2236-824: The Equitable Trust Company , B2B Trust and Civil Service Loan Corporation , have restructured to legally become federally-regulated banks. Unlike banks, Canadian trust companies can administer estates, trusts, and pension plans. Banks cannot conduct these activities unless they are done through a separately created trust subsidiary. In 2023, there were 43 federally-regulated trust companies in Canada but many of these were owned or controlled by banks or other institutions as subsidiaries . Antwerp Antwerp ( / ˈ æ n t w ɜːr p / ; Dutch : Antwerpen [ˈɑntʋɛrpə(n)] ; French : Anvers [ɑ̃vɛʁs] )

2322-593: The Globalization and World Cities Research Network rated Antwerp as a Gamma + (third level/top tier) Global City . Both economically and culturally, Antwerp is and has long been an important city in the Low Countries , especially before and during the Spanish Fury (1576) and throughout and after the subsequent Dutch Revolt . The Bourse at Antwerp , originally built in 1531 and re-built in 1872,

2408-780: The Treaty of Münster in 1648 stipulated that the Scheldt should be closed to navigation, which destroyed Antwerp's trading activities. This impediment remained in force until 1863, although the provisions were relaxed during French rule from 1795 to 1814, and also during the time Belgium formed part of the Kingdom of the United Netherlands (1815 to 1830). Antwerp had reached the lowest point in its fortunes in 1800, and its population had sunk to under 40,000, when Napoleon , realizing its strategic importance, assigned funds to enlarge

2494-593: The summer of 1998 due to the bank having a large position in Russian government bonds. 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. Rather than turn over to the states' funds from dormant customer accounts and uncashed dividend and interest checks as required by law, some of

2580-480: The 10-year development plan for the Port of Antwerp , the municipalities of Berendrecht-Zandvliet-Lillo were integrated into the city territory and lost their administrative independence. During the 1983 merger of municipalities, conducted by the Belgian government as an administrative simplification, the municipalities of Berchem , Borgerhout , Deurne , Ekeren , Hoboken , Merksem and Wilrijk were merged into

2666-415: The 1570s, the city's banking business declined: England ceased its borrowing in Antwerp in 1574. Fernand Braudel states that Antwerp became "the centre of the entire international economy, something Bruges had never been even at its height." Antwerp had the highest growth rate and was the richest city in Europe at the time. Antwerp's Golden Age is tightly linked to the " Age of Exploration ". During

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2752-451: The 1990s, Antwerp rebranded itself as a world-class fashion centre. Emphasizing the avant-garde, it tried to compete with London , Milan , New York and Paris . It emerged from organized tourism and mega-cultural events. The municipality comprises the city of Antwerp proper and several towns. It is divided into nine entities (districts): (km ) in residential areas In 1958, in preparation of

2838-507: The Bankers Trust Company succeeding Colt who had become chairman in 1956, when Ardrey became president. In 1960, Wallis B. Dunckel , a senior vice president who had been with the bank since 1923, was elected president of Bankers Trust to succeed Ardrey, who was elected vice chairman. In 1966, Alfred Brittain III, then head of the foreign department, was elected president of Bankers Trust to succeed Dunckel who retired. In 1966, Bankers Trust acquired

2924-476: The Economic Meltdown , was that the failure of Congress to allow CFTC a role in regulating derivatives was a key element eventually leading to the financial crisis of 2007–2010 . Trust company A trust company is a corporation that acts as a fiduciary , trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or

3010-609: The Holy Sepulchre (1099–1100). In the 12th century, Norbert of Xanten established a community of his Premonstratensian canons at St. Michael's Abbey at Caloes. Antwerp was also the headquarters of Edward III during his early negotiations with Jacob van Artevelde , and his son Lionel , the Duke of Clarence , was born there in 1338. After the silting-up of the Zwin and the consequent decline of Bruges , Antwerp, then part of

3096-526: The Montage front-end package that traders used to obtain data from data feeds and broker screens. In early 1994, despite all its prowess in managing the risks in the trading room , the bank suffered irreparable reputational damage when some complex derivative transactions caused large losses for major corporate clients. Two of these— Gibson Greetings and Procter & Gamble (P&G)—successfully sued BT, asserting that they had not been informed of, or (in

3182-567: The Portuguese Community Ben Moshe. Antwerp has an extensive network of synagogues, shops, schools and organizations. Significant Hasidic movements in Antwerp include Pshevorsk , based in Antwerp, as well as branches of Satmar , Belz , Bobov , Ger , Skver , Klausenburg , Vizhnitz and several others. Rabbi Chaim Kreiswirth , chief rabbi of the Machsike Hadas community, who died in 2001, was arguably one of

3268-555: The Spanish port of Bilbao collapsed and became impossible. On 4 November 1576, Spanish soldiers sacked the city during the so-called Spanish Fury : 8,000 citizens were massacred, several houses burnt down, and over £2 million sterling of damage was done. Subsequently, the city joined the Union of Utrecht in 1579 and became the capital of the Dutch Revolt . In 1585, Alessandro Farnese, Duke of Parma and Piacenza , captured it after

3354-1099: The US Commodity Futures Trading Commission (CFTC) during this time was later interviewed by Frontline in October 2009: "The only way the CFTC found out about the Bankers Trust fraud was because Procter & Gamble , and others, filed suit. There was no record keeping requirement imposed on participants in the market. There was no reporting. We had no information." - Brooksley Born , US CFTC Chair, 1996-'99. Several Bankers Trust brokers were caught on tape remarking that their client [Gibson Greetings and P&G, respectively] would not be able to understand what they were doing in reference to derivatives contracts sold in 1993. As part of their legal case against Bankers Trust, Procter & Gamble (P&G) "discovered secret telephone recordings between brokers at Bankers Trust, where 'one employee described

3440-636: The asset management division to Westpac on October 31, 2002. This organisation now uses the name BT Financial Group . Deutsche Bank announced on November 5, 2002 that it would sell The Trust and Custody division of Bankers Trust to State Street Corporation . The sale finalized in February 2003. 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. The head of

3526-562: The bank became an acknowledged leader in risk management. Lacking the boardroom contacts of its larger rivals, notably J. P. Morgan , BT attempted to make a virtue of necessity by specializing in trading and in product innovation. The company shied away from using market data distribution products from companies such as Reuters , instead choosing to develop its own systems in-house. A small development team based in London created BIDDS (Broadgate Information Data Distribution System) which included

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3612-756: The bank would hold a large position in Russian government bonds. On June 4, 1999, Deutsche Bank merged its Bankers Trust and Deutsche Morgan Grenfell to became Deutsche Asset Management (DAM) with Robert Smith as the CEO. In 1999, Deutsche Bank sold the Bankers Trust Australian division to the Principal Financial Group who, in turn, sold the Investment Banking Business to Macquarie Group in June 1999 and

3698-607: The bank's senior executives credited this money as income and moved it to its operating account. Bruce J. Kingdon, the head of the bank's Corporate Trust and Agency group spearheaded the fraud and (in 2001) entered into a guilty plea in the US District Court for the Southern District of New York and was sentenced to community service. Some of his subordinates were thereafter barred forever by the SEC from working in

3784-559: The better known personalities to have been based in Antwerp. An attempt to have a street named after him has received the support of the Town Hall and is in the process of being implemented. The Jains in Belgium are estimated to be around about 1,500 people. The majority live in Antwerp, mostly involved in the very lucrative diamond business. Belgian Indian Jains control two-thirds of the rough diamonds trade and supplied India with roughly 36% of their rough diamonds. A major temple, with

3870-417: The bondholders), and is the entity which monitors the company to ensure it is meeting covenants. In the event of the company's bankruptcy, the corporate trust company represents the interests of the bondholders and acts to recover as much of the loan proceeds as possible. In Canada, trust companies have historically provided many of the same services as the big-five banks . They are legally not banks, but hold

3956-653: The boundary of the Holy Roman Empire . Antwerp became a margraviate in 980, by the German emperor Otto II , a border province facing the County of Flanders . In the 11th century, the best-known leader of the First Crusade (1096–1099), Godfrey of Bouillon , was originally Margrave of Antwerp , from 1076 until his death in 1100, though he was later also Duke of Lower Lorraine (1087–1100) and Defender of

4042-404: The business as 'a wet dream,' ... another Bankers Trust employee said, '...we set 'em up.'" The bank's row with P&G made the front page of major US magazines during 1995. On October 16, 1995, the US magazine BusinessWeek published a cover story that P&G was pursuing racketeering charges against Bankers Trust: "The key evidence: some 6,500 tape recordings." Both the magnitude of losses and

4128-496: The city was captured by the Belgian insurgents, but the citadel continued to be held by a Dutch garrison under General David Hendrik Chassé . For a time, Chassé subjected the town to periodic bombardment which inflicted much damage, and at the end of 1832, the citadel itself was besieged by the French Northern Army commanded by Marechal Gerard . During this attack, the town was further damaged. In December 1832, after

4214-404: The city. At that time the city was also divided into the districts mentioned above. Simultaneously, districts received an appointed district council; later district councils became elected bodies. The neighboring municipality of Borsbeek has declared the intention to become the tenth district of the city of Antwerp. However, the final decision has not been made and a non-binding citizens vote on

4300-430: The company monthly, and monitors the financial conditions of the company to ensure that it is meeting all its agreed upon conditions (for example, that its ratio of profits to expenses stays above a certain amount). However most large companies borrow money not from banks, but by selling bonds. When the company sells bonds, a corporate trust company can handle the acceptance of payments from the company (which it passes on to

4386-468: The corner of Bloedberg and Burchtgracht. Steen castle on the Scheldt-quai is the gate wing of the demolished castle of the Dukes of Brabant. It was partly reconstructed in the 19th century. Antwerp's development as a fortified city is documented between the 10th and the 20th century. The fortifications were developed in different phases: This is the population of the city of Antwerp only, not of

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4472-549: The courts and distributing wealth to beneficiaries. Estate planning is usually also offered to allow clients to structure their affairs so as to minimize inheritance taxes and probate costs. In the United States, one of the primary profit centers for a trust company is commissions earned from selling various types of insurance products designed to minimize the estate tax charged to a person. A trust officer may provide guardian and conservator services, acting as guardian of

4558-593: The direction of Brittain. The bank attempted to sell its credit portfolio and branches to Bank of Montreal ; however, the deal was not completed due to a disagreement over BankAmericard (known today as Visa ). 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. Eventually, Bankers Trust sold 89 branches to five banks including Republic National Bank of New York . Republic National Bank of New York expanded its branch network to 32 with

4644-562: The discovery of new sea routes via Africa to Asia and via the Atlantic to America helped push Antwerp to a position of prominence. By 1504, the Portuguese had established Antwerp as one of their main shipping bases, bringing in spices from Asia and trading them for textiles and metal goods. The city's trade expanded to include cloth from England, Italy and Germany, wines from Germany, France and Spain, salt from France, and wheat from

4730-441: The entire war combined), causing severe damage to the city but failed to destroy the port due to poor accuracy. After the war, Antwerp, which had already had a sizeable Jewish population before the war, once again became a major European centre of Haredi (and particularly Hasidic ) Orthodox Judaism . A Ten-Year Plan for the port of Antwerp (1956–1965) expanded and modernized the port's infrastructure with national funding to build

4816-528: The first half of the 16th century, Antwerp grew to become the second-largest European city north of the Alps. Many foreign merchants were resident in the city. Francesco Guicciardini , the Florentine envoy, stated that hundreds of ships would pass in a day, and 2,000 carts entered the city each week. Portuguese ships laden with pepper and cinnamon would unload their cargo. According to Luc-Normand Tellier "It

4902-556: The general public. 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. Under Prosser's leadership, Bankers Trust merged with the Astor Trust Company on April 23, 1917. The merger had been rumored for some time as both banks had a number of directors in common; Prosser was president of the Bankers and

4988-582: The harbour by constructing a new dock (still named the Bonaparte Dock), an access-lock and mole , and deepening the Scheldt to allow larger ships to approach Antwerp. Napoleon hoped that by making Antwerp's harbour the finest in Europe he would be able to counter the Port of London and hamper British growth. However, he was defeated at the Battle of Waterloo before he could see the plan through. In 1830,

5074-524: The inner city are: Antwerpen-Noord or synonymously 2060 is a densely populated part of the city, and the most diverse one as well. This is not a neighborhood by itself, but is the postal code for the remaining quarters of the district that lie between de Leien and the ringway. United with the city in 1923, Linkeroever ("Left bank") consists of the former polders of Zwijndrecht and Burcht . Antwerp-Berchem : Vibrant district, rich history, lively streets, major transportation hub. Antwerp's architecture

5160-699: The larger current municipality of the same name. In 2010, 36% to 39% of the inhabitants of Antwerp had foreign origins. A study projected that in 2020, 55% of the population would be of immigrant background, either first, second, or third generation. After the Holocaust and the murder of its many Jews, Antwerp became a major centre for Orthodox Jews. At present, about 15,000 Haredi Jews, many of them Hasidic , live in Antwerp. The city has three official Jewish Congregations: Shomrei Hadass, headed by Rabbi Dovid Moishe Lieberman, Machsike Hadass, headed by Rabbi Aron Schiff (formerly by Chief Rabbi Chaim Kreiswirth ) and

5246-605: The latter case), had been unable to understand the risks involved. In 1995, the Securities and Exchange Commission sanctioned Gibson Greetings for its handling of derivatives trading, and Bankers Trust settled the P&;G case in May 1996. In 1997, Bankers Trust acquired Alex. Brown & Sons , founded in 1800 and a public corporation since 1986, in an attempt to grow its investment banking business. The bank suffered major losses in

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5332-550: The litigation by well-known companies caused market regulators to intervene. Concerns motivated by the particular Bankers Trust case eventually extended to the OTC derivatives market in general. The US CFTC embarked on a failed attempt to take over part of the bank regulators' role in regulating the OTC derivatives market in the late 1990s. The thesis of an October 20, 2009, broadcast of the PBS television magazine Frontline , Early Warnings of

5418-449: The major banks. Prominent examples include Canada Trust (founded 1864 as Huron and Erie Savings and Loan Society, acquired by Toronto-Dominion Bank in 2000), Montreal Trust Company (established 1889, acquired by Scotiabank in 1994), National Trust Company (established 1898, acquired by Scotiabank in 1997) and Royal Trust (founded 1892, bought by Royal Bank of Canada in 1993). A few small or captive trust and loan companies, such as

5504-411: The major trading center for the region. The religious revolution of the Reformation erupted in violent riots in August 1566, as in other parts of the Low Countries . The regent Margaret, Duchess of Parma , was swept aside when Philip II sent the Duke of Alba at the head of an army the following summer. When the Dutch revolt against Spain broke out in 1568, commercial trading between Antwerp and

5590-413: The matter is scheduled for September 2023. With the exception of Ekeren and Berendrecht-Zandvliet-Lillo, all the districts form together one contiguous inhabited area. The former town halls have been converted into district halls and the former town centers are now local main streets within the larger urban agglomeration. The historical city of Antwerp consists nowadays of the following neighborhoods. For

5676-399: The merged entity until 1923 when was elected chairman of the board and was succeeded by Albert Arthur Tilney . Prosser served as chairman until his death in 1942. Tilney's presidency was short-lived, however, as Henry J. Cochran , who had been a vice president at the company for twelve years, was elected as the fifth president in 1929. Upon Cochran's elevation to the presidency, Tilney assumed

5762-407: The nature of the trust), medical expenses, charitable gifts, inheritances or other distributions of income and principal. A trust company can be named as an executor or personal representative in a last will and testament . The responsibilities of an executor in settling the estate of a deceased person include collecting debts , settling claims for debt and taxes , accounting for assets to

5848-496: The newly created position of vice chairman of the board of directors. Cochran served as president until 1931 when S. Sloan Colt was elected the sixth president and Cochran became vice chairman of the board. In 1956, Alex H. Ardrey became president of Bankers Trust. Ardrey joined the bank in 1930 as a vice president and was elected executive vice president in 1948. In 1957, 42 year old William Moore, an executive vice president and director, became chairman and chief executive officer of

5934-450: The northern quays, in 1891. During World War II , the city also suffered considerable damage from V-bombs . Here are some of the most notable examples of Antwerp's diverse architecture: Antwerp is also home to a wealth of historic Gothic, Baroque and Renaissance-style buildings, such as the Antwerp City Hall , the Cathedral of Our Lady , the St. James' Church , the Vleeshuis Museum and the St. Charles Borromeo Church . Antwerp offers

6020-460: The okapi, the Przewalski horse, the Congo peafowl, the bonobo, the golden-headed lion tamarin, the European otter, and the Knysna seahorse. They take part in the European Endangered Species Programme . On 1 January 1983 the entire park (architecture and garden) was listed as a monument. Other well-known parks include: Antwerp has an oceanic climate ( Köppen : Cfb ), with cool winters, warm summers and frequent, though light, precipitation throughout

6106-408: The opening of a new branch in Manhattan's World Trade Center and the acquisition of a dozen Bankers Trust Company branches—ten in Manhattan, one in the Bronx, and one in Brooklyn. 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. Having de-emphasized traditional loans in favor of trading,

6192-493: The purchase was finalized on June 4, 1999. At the time, Deutsche Bank owned a 12% stake in DaimlerChrysler but United States banking laws prohibit banks from owning industrial companies, so Deutsche Bank received an exception to this prohibition through 1978 legislation from Congress. CEO Frank N. Newman received $ 55 million in severance. He had led the Bankers Trust acquisition of Alex. Brown & Sons and ensured that

6278-417: The riverbank; an alluvial deposit ; a mound (like a terp ) thrown up (as a defence) against (something or someone); or a wharf. If Andoverpis is Celtic in origin, it could mean "those who live on both banks". There is a folklore tradition that the name Antwerpen is from Dutch handwerpen ("hand-throwing"). A giant called Antigoon is said to have lived near the Scheldt river and extracted

6364-442: The sale of US real estate is held in trust (for tax purposes) until used to buy replacement land. Trust companies may also perform corporate trust services. Corporate trust services are services which assist, in the fiduciary capacity, in the administration of the corporation's debt. For example, in a normal bank loan, the lender normally lends money to the company (usually with conditions called " covenants "), accepts payments from

6450-547: The securities markets. With the Bank's guilty plea in the escheatment lawsuit, and thereafter its status as a convicted felon, it became ineligible to transact business with most municipalities and many companies which are prohibited from transacting business with felons. Consequently, the acquisition by Deutsche Bank was a windfall to the bank's shareholders, who avoided losing their entire investments. In November 1998, Deutsche Bank agreed to purchase Bankers Trust for $ 10.1 billion;

6536-500: The textiles industry. At the beginning of the 16th century, Antwerp accounted for 40% of world trade. The boom-and-bust cycles and inflationary cost-of-living squeezed less-skilled workers. In the century after 1541, the city's economy and population declined dramatically. The Portuguese merchants left in 1549, and there was much less trade in English cloth. Numerous financial bankruptcies began around 1557. Amsterdam replaced Antwerp as

6622-470: The time Austrasia became a separate kingdom (that is, about 567 CE), and (possibly originally Celtic) Andoverpis in Dado 's Life of St. Eligius (Vita Eligii) from about 700 CE. The form Antverpia is Neo-Latin . A Germanic ( Frankish or Frisian ) origin could contain prefix anda ("against") and a noun derived from the verb werpen ("to throw") and denote, for example: land thrown up at

6708-472: The trust companies are at liberty to receive monies which the depositor can treat much like bank savings or chequing accounts. The institution may then employ these assets (less a legally-required fractional reserve ) to issue secured loans , such as mortgages . Once a common feature on Canada's retail banking landscape, free-standing retail trust companies are disappearing; the largest institutions have increasingly fallen prey to consolidation and takeover by

6794-525: The year. Due to the influence of the Gulf Stream , Antwerp has a relatively mild climate throughout the year, with the average temperature fluctuating between 4 °C (39 °F) and 19 °C (66 °F) throughout the year. Although Antwerp was formerly a fortified city, hardly anything remains of the former enceinte , only some remains of the city wall can be seen near the Vleeshuis museum at

6880-705: Was chosen to serve as Bankers Trust's first president. Bankers Trust quickly grew to be the second largest U.S. trust company and a dominant Wall Street institution. During the Panic of 1907 , Bankers Trust worked closely with J.P. Morgan to help avoid a general financial collapse by lending money to sound banks. In 1911, it acquired the Mercantile Company and, a year later, the Manhattan Trust Company. In 1914 Converse resigned to become president of Astor Trust Company , another Morgan company. He

6966-404: Was grown by a mixture of free and forced labour, increasingly with enslaved Africans as the century progressed. The city attracted Italian and German sugar refiners by 1550, and shipped their refined product to Germany, especially Cologne . Antwerp also had an unusually high number of painters, around 360 in 1560, in a city with a population of roughly 89,000 in 1569 (250 people per painter), it

7052-399: Was incorporated on March 24, 1903, with an initial capital of $ 1.5 million. Despite technically having numerous stockholders, the voting power was held by three associates of J.P. Morgan . Thus, it was widely viewed as a Morgan company. J. P. Morgan himself held a controlling interest, and Edmund C. Converse , a steel manufacturer turned financier and then president of Liberty National Bank ,

7138-707: Was succeeded by his son-in-law Benjamin Strong Jr. 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 . Strong was succeeded by Seward Prosser , who became the third president of Bankers Trust. By 1915, Bankers Trust was doing approximately $ 30,000,000,000 of business, consisting of solely business from companies and no safes or other deposits were from

7224-754: Was the first city to host the World Gymnastics Championships , in 1903. During World War I , the city became the fallback point of the Belgian Army after the defeat at Liège . The Siege of Antwerp lasted for 11 days, but the city was taken after heavy fighting by the German Army, and the Belgians were forced to retreat westwards. Antwerp remained under German occupation until the Armistice. A few years later, Antwerp hosted

7310-452: Was the most important artistic centre north of the Alps , serving notable painters such as Pieter Bruegel . Moneylenders and financiers developed a large business lending money all over Europe including the English government in 1544–1574. London bankers were too small to operate on that scale, and Antwerp had a highly efficient bourse that itself attracted rich bankers from around Europe. After

7396-540: Was the world's first purpose-built commodity exchange . In 1920, the city hosted the Summer Olympics . The inhabitants of Antwerp are nicknamed Sinjoren ( Dutch pronunciation: [sɪˈɲoːrə(n)] ), after the Spanish honorific señor or French seigneur , "lord", referring to the Spanish noblemen who ruled the city in the 17th century. The city's population is very diverse, including about 180 nationalities; as of 2019, more than 50% of its population had

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