In 1986 Newman then moved to BankAmerica Corporation where he was ultimately Vice Chairman and Chief Financial Officer, where he led the bank though substantial recovery until his departure in 1993.
[1] In 1993, President of the United States Bill Clinton nominated Newman to be Under Secretary of the Treasury for Domestic Finance.
The next year, he became United States Deputy Secretary of the Treasury, holding that office until 1995.
[1] In 2010, after the sale of the majority interest of the bank, Newman retired and became an Independent Senior Advisor to SBD and also serves as chairman in for china based promontory financial group, an IBM subsidiary.
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