National Board Releases HomeSide Review Outcomes - Biographical Information - 21 January 2002

Biographical Information - Eugene A Ludwig, Managing Partner, Promontory Financial Group, LLC

Eugene A Ludwig is the Managing Partner of Promontory Financial Group, LLC, a newly formed merchant bank specializing in the financial services and technology sectors. Promontory Financial consults for, invests in, and provides investment-banking advice to these sectors.

Mr Ludwig was previously a Vice Chairman and Senior Control Officer of Bankers Trust Corporation with responsibility for a range of senior administrative and control issues central to implementing the firm's global strategy in securities underwriting, lending and related businesses. Prior to assuming his position at Bankers Trust, Mr Ludwig served as the Comptroller of the Currency of the United States, leaving office on April 4, 1998, at the end of his five-year term.

Mr Ludwig joined Bankers Trust on May 11, 1998, and was a member of the firm's Management Committee, chairman of the Control Committee and co-chairman of the Capital Commitment Committee, (which approve all significant transactions and sets risk and credit limits). His overall responsibilities included legal, credit, risk management, and compliance activities, as well as regulatory and legislative affairs. He also had administrative responsibility for the audit group.

As Comptroller of the Currency, Mr Ludwig headed the Office of the Comptroller of the Currency (OCC); the federal agency responsible for supervising 2,700 federally chartered commercial banks and 50 federal branches and agencies of foreign banks. These banks and branches account for the preponderance of bank assets in the United States. Mr Ludwig also was chairman of the Federal Financial Institutions Examination Council, chairman of the Neighborhood Housing Services, chairman of the interagency Federal Consumer Electronic Payments Task Force, a director of the Federal Deposit Insurance Corporation, a member of the President's Working Group on Financial Markets and a member of the Basle Committee on Banking Supervision.

Mr Ludwig led the OCC during a period of substantial change both within the financial marketplace as well as in the supervisory and examination practices of the agency. He dramatically improved safety and soundness supervision of the banking industry, having developed a "supervision by risk" approach to bank supervision that has been adopted domestically by all other federal safety and soundness supervisors and abroad by the Bank of England and subsequently by the British Financial Services Authority (FSA). (In the year prior to Mr Ludwig's assuming the responsibilities of Comptroller over 100 national banks failed; yet, in the last two years of Mr Ludwig's term as Comptroller not a single national bank failed in the United States.)