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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
F O R M 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 19, 1994
______________
BANKERS TRUST NEW YORK CORPORATION
_______________________________________________________________
(Exact name of registrant as specified in its charter)
NEW YORK
_______________________________________________________________
(State or other jurisdiction of incorporation)
1-5920 13-6180473
_________________________ ___________________________________
(Commission file number) (IRS employer identification no.)
280 PARK AVENUE, NEW YORK, NEW YORK 10017
_______________________________________________________________
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (212) 250-2500
______________
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Item 5. Other Events
The purpose of this Current Report on Form 8-K is to file
certain financial information to be incorporated into currently
effective registration statements filed by the Registrant with
the Securities and Exchange Commission under the Securities Act
of 1933, as amended. Such information contained in the
Registrant's Press Release dated April 19, 1994, is described
below and is incorporated herein by reference.
1. Review of certain financial information.
2. The unaudited consolidated financial position of
Bankers Trust New York Corporation and its subsidiaries
at March 31, 1994 and December 31, 1993 and its
unaudited consolidated results of operations for each
of the three-month periods ended March 31, 1994 and
1993.
In the opinion of the Registrant's management, all material
adjustments necessary for a fair presentation of the
Corporation's consolidated financial position at March 31, 1994
and December 31, 1993 and its consolidated results of operations
for the three-month periods ended March 31, 1994 and 1993 have
been made. All such adjustments were of a normal recurring
nature, except for the cumulative effects of accounting changes
for postretirement and postemployment benefits (recorded in the
first quarter of 1993). The results of operations for the three-
month periods ended March 31, 1994 are not necessarily indicative
of the results of operations for the full year or any other
interim period.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99) Press Release of the Registrant dated
April 19, 1994
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, hereunto duly
authorized.
BANKERS TRUST NEW YORK CORPORATION
By /s/ Gordon S. Calder, Jr.
Gordon S. Calder, Jr.
Assistant Secretary
April 20, 1994
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BANKERS TRUST NEW YORK CORPORATION
FORM 8-K DATED APRIL 19, 1994
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
(99) Press Release of the
Registrant dated April 19, 1994
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TUESDAY, APRIL 19, 1994
BANKERS TRUST REPORTS FIRST QUARTER NET INCOME OF $164 MILLION,
$1.90 PER SHARE; 15% RETURN ON EQUITY
Bankers Trust New York Corporation earned $164 million for the
three months ended March 31, 1994, or $1.90 primary earnings per
share. In the first quarter of 1993, the Corporation earned $230
million before cumulative effects of accounting changes, or $2.64
primary earnings per share.
"This quarter illustrates the underlying strength of Bankers
Trust's franchise. Our $164 million of earnings and 15% return
on equity in what many have characterized as one of the most
difficult trading environments in a long time are testimony to
the Firm's diversity and earnings power, particularly in its
strong and growing client-related businesses," said Chairman
Charles S. Sanford, Jr. The Corporation's noninterest revenue
for the quarter, excluding trading revenue, increased by 27% over
the first quarter of 1993 and by 17% over the fourth quarter of
1993.
Revenue
Net interest revenue totaled $370 million, up $70 million, or
23%, from the first quarter of 1993. This increase was due
primarily to higher trading-related net interest, reflecting a
14% increase in average interest-earning assets, most of which
related to trading strategies.
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The Corporation views trading revenue and trading-related net
interest revenue in combination, as quantified below (in
millions):
Trading-
Related
Net
Trading Interest
Revenue Revenue Total
First Quarter 1994 $ 14 $177 $191
First Quarter 1993 $346 $117 $463
The $272 million decrease in this combined total from the first
quarter of 1993 was primarily attributable to sharply lower
revenue from proprietary trading and positioning activities. The
main areas of reduced revenue were sovereign bond trading,
foreign exchange trading and the trading of emerging markets debt
and equity issues. Partially offsetting this decline was higher
revenue from the Firm's client risk management activities.
Fiduciary and funds management revenue totaled a record $188
million for the first quarter, up $29 million, or 18%, from the
same period last year. Continued growth in private banking
assets under management contributed significantly to this
increase. Increases were also recorded by most other business
activities within this revenue category.
Fees and commissions of $182 million increased by $35 million, or
24%, from the equivalent period in 1993. Of this increase, $30
million related to corporate finance fees, which rose 38%, to
$108 million, led by increased loan syndication and debt
underwriting activities.
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Other noninterest revenue totaled $117 million, up $39 million
from the prior year's quarter. This increase was due to higher
insurance premium revenue as well as increases in both equity in
income of unconsolidated subsidiaries and gains on sales of other
assets.
Expenses
Total noninterest expenses of $641 million decreased by $40
million from the first quarter of 1993. Incentive compensation
and employee benefits expense decreased $109 million, or 40%,
mostly due to lower bonus expense reflecting the reduced
earnings. Salaries expense increased $12 million, or 7%, from
the first quarter of 1993. The average number of employees
increased by 5% versus the same period, to 13,649.
All other expenses totaled $302 million for the quarter, up $57
million, or 23%, from last year's first quarter. Increases in
the provision for policyholder benefits, minority interest,
agency personnel fees and other real estate expense accounted for
most of this increase.
Asset Quality
The Corporation recorded $21 million of net recoveries and no
provision for credit losses in the first quarter of 1994. In the
prior year's quarter, net charge-offs of $121 million and a
provision for credit losses of $30 million were recognized.
Cash basis loans declined by $112 million, or 11%, to $862
million during the first quarter. The allowance for credit
losses at March 31, 1994 was $1.345 billion, representing 156% of
cash basis loans.
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Effects of Accounting Changes
The Corporation adopted FASB Interpretation No. 39, "Offsetting
of Amounts Related to Certain Contracts," effective January 1,
1994. The Interpretation requires that unrealized gains and
losses on swaps, forwards, options and similar contracts be
recognized as assets and liabilities, except where such gains and
losses arise from contracts covered by qualifying master netting
agreements. It was the Corporation's former policy to record
such unrealized gains and losses on a net basis on the balance
sheet. As the result of this adoption, at March 31, 1994 the
Corporation's consolidated total assets and total liabilities
each increased by $14 billion.
As previously reported, in the first quarter of 1993, the
Corporation adopted accounting standards for postretirement
benefits other than pensions (SFAS 106) and postemployment
benefits (SFAS 112). The cumulative effects of adopting SFAS 106
and SFAS 112 totaled a charge of $75 million, equivalent to $.89
primary earnings per share. Net income for the first quarter of
1993 was $155 million, or $1.75 primary earnings per share.
Capital
The Corporation estimated that its ratios of Tier 1 Capital and
Total Capital to risk-adjusted assets were approximately 8.80%
and 14.50%, respectively, at March 31, 1994. The Leverage Ratio
was 5.39% at that same date.
Contacts
Media: Douglas B. Kidd
(212) 454-3532
Thomas A. Parisi
(212) 454-1686
Investor: Mary M. Flournoy
(212) 454-3201
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<TABLE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
FINANCIAL STATISTICS
($ in millions, except per share data)
(unaudited)
<CAPTION>
Fourth
First Quarter Quarter
1994 1993 1993
<S> <C> <C> <C>
Income before cumulative effects of
accounting changes $164 $230 $279
Cumulative effects of accounting changes - (75) -
Net income $164 $155 $279
Primary earnings per common share:
Income before cumulative effects
of accounting changes $1.90 $2.64 $3.26
Cumulative effects of accounting changes - (.89) -
Net income $1.90 $1.75 $3.26
Fully diluted earnings per common share:
Income before cumulative effects
of accounting changes $1.90 $2.63 $3.25
Cumulative effects of accounting changes - (.88) -
Net income $1.90 $1.75 $3.25
Cash dividends declared $.90 $.78 $.90
Book value per common share (1) $52.41 $43.85 $51.90
Profitability ratios
Return on average common stockholders'
equity 14.85% N/M 25.91%
- Excluding cumulative effects of
accounting changes N/A 24.28% N/A
Return on average total assets .61% N/M 1.27%
- Excluding cumulative effects of
accounting changes N/A 1.18% N/A
Net interest revenue (fully taxable basis) $391 $315 $398
Average rates (fully taxable basis)
Yield on interest-earning assets 6.17% 5.89% 6.21%
Cost of interest-bearing liabilities 4.38% 4.51% 4.52%
Interest rate spread 1.79% 1.38% 1.69%
Net interest margin 1.96% 1.79% 2.07%
Average balances
Total interest-earning assets $81,037 $71,322 $76,388
Total assets $109,113 $79,266 $87,165
Total interest-bearing liabilities $77,935 $64,802 $69,976
Common stockholders' equity $4,343 $3,650 $4,180
Total stockholders' equity $4,602 $4,100 $4,430
At end of period
Common stockholders' equity to total assets 4.14% 4.65% 4.65%
Total stockholders' equity to total assets 4.57% 5.04% 4.92%
Risk-based capital ratios
Tier 1 Capital (2) 8.80% 7.85% 8.50%
Total Capital (2) 14.50% 13.82% 14.46%
Leverage Ratio (2) 5.39% 6.24% 6.28%
Employees 13,748 13,153 13,571
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BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
FINANCIAL STATISTICS (CONT'D.)
(in millions)
(unaudited)
<CAPTION>
March 31, December 31,
1994 1993 1993
<S> <C> <C> <C>
Nonperforming assets
Cash basis loans
Secured by real estate $462 $ 519 $455
Real estate related 52 60 58
Highly leveraged 162 380 193
Other 124 193 150
Refinancing country 62 220 118
Total cash basis loans $862 $1,372 $974
Renegotiated loans
Mexican government Par Bonds $ - $461 $ -
Other 20 41 21
Total renegotiated loans $ 20 $502 $ 21
Other real estate $283 $312 $287
Other nonperforming assets $101 $104 $101
<CAPTION>
Fourth
First Quarter Quarter
1994 1993 1993
<S> <C> <C> <C>
Allowance for credit losses
Balance, beginning of period $1,324 $1,620 $1,485
Net charge-offs
Charge-offs 21 130 200
Recoveries 42 9 16
Total net charge-offs (recoveries)* (21) 121 184
Provision for credit losses - 30 23
Balance, end of period $1,345 $1,529 $1,324
*Components:
Secured by real estate $ (2) $ 6 $ 40
Real estate related - 1 1
Highly leveraged (9) 17 (1)
Other 9 98 146
Refinancing country (19) (1) (2)
Total $(21) $121 $184
<FN>
N/A Not applicable.
N/M Not meaningful.
(1) This calculation includes the effect of common shares issuable under
deferred stock awards.
(2) Risk-based capital ratios at March 31, 1994 are preliminary. At both
March 31, 1994 and December 31, 1993, all three regulatory capital ratios
excluded any benefit from the adoption of SFAS 115.
/TABLE
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BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(in millions, except per share data)
(unaudited)
<CAPTION>
Increase
THREE MONTHS ENDED MARCH 31, 1994 1993 (Decrease)
<S> <C> <C> <C>
NET INTEREST REVENUE
Interest revenue $1,211 $1,021 $ 190
Interest expense 841 721 120
Net interest revenue 370 300 70
Provision for credit losses - 30 (30)
Net interest revenue after provision
for credit losses 370 270 100
NONINTEREST REVENUE
Trading 14 346 (332)
Fiduciary and funds management 188 159 29
Fees and commissions 182 147 35
Securities available for sale gains 4 - 4
Investment securities gains - 4 (4)
Other 117 78 39
Total noninterest revenue 505 734 (229)
NONINTEREST EXPENSES
Salaries 177 165 12
Incentive compensation and employee benefits 162 271 (109)
Occupancy, net 37 35 2
Furniture and equipment 39 34 5
Other 226 176 50
Total noninterest expenses 641 681 (40)
Income before income taxes and
cumulative effects of accounting changes 234 323 (89)
Income taxes 70 93 (23)
INCOME BEFORE CUMULATIVE EFFECTS OF
ACCOUNTING CHANGES 164 230 (66)
Cumulative effects of accounting changes - (75) 75
NET INCOME $ 164 $ 155 $ 9
NET INCOME APPLICABLE TO COMMON STOCK $ 159 $ 148 $ 11
PRIMARY EARNINGS PER COMMON SHARE:
Income before cumulative effects of
accounting changes $1.90 $2.64 $(.74)
Cumulative effects of accounting changes - (.89) .89
Net income $1.90 $1.75 $ .15
FULLY DILUTED EARNINGS PER COMMON SHARE:
Income before cumulative effects of
accounting changes $1.90 $2.63 $(.73)
Cumulative effects of accounting changes - (.88) .88
Net income $1.90 $1.75 $ .15
Cash dividends declared per common share $.90 $.78 $.12
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BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
($ in millions, except par value)
(unaudited)
<CAPTION>
March 31, December 31,
1994 1993
<S> <C> <C>
ASSETS
Cash and due from banks $ 1,775 $ 1,750
Interest-bearing deposits with banks 1,096 1,638
Federal funds sold 438 361
Securities purchased under resale agreements 14,198 9,567
Securities borrowed 3,852 2,937
Trading assets 56,173 48,276
Securities available for sale 5,791 7,073
Loans 13,659 15,200
Allowance for credit losses (1,345) (1,324)
Premises and equipment, net 737 719
Due from customers on acceptances 436 455
Accounts receivable and accrued interest 4,061 2,561
Other assets 2,850 2,869
Total $103,721 $92,082
LIABILITIES
Deposits
Noninterest-bearing
In domestic offices $ 3,495 $ 3,185
In foreign offices 562 707
Interest-bearing
In domestic offices 6,137 7,120
In foreign offices 9,855 11,764
Total deposits 20,049 22,776
Trading liabilities 23,005 9,349
Securities sold under repurchase agreements 25,842 23,834
Other short-term borrowings 17,480 18,992
Acceptances outstanding 436 455
Accounts payable and accrued expenses 3,621 3,771
Other liabilities 2,600 2,524
Long-term debt 5,693 5,597
Total liabilities 98,726 87,298
PREFERRED STOCK OF SUBSIDIARY 250 250
STOCKHOLDERS' EQUITY
Preferred stock 450 250
Common stock, $1 par value
Authorized, 300,000,000 shares
Issued, 83,678,973 shares 84 84
Capital surplus 1,319 1,321
Retained earnings 3,305 3,226
Common stock in treasury, at cost: 1994, 4,088,682
shares; 1993, 3,076,439 shares (316) (233)
Other (97) (114)
Total stockholders' equity 4,745 4,534
Total $103,721 $92,082
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BANKERS TRUST NEW YORK CORPORATION
280 PARK AVENUE
NEW YORK, NEW YORK 10017
Gordon S. Calder, Jr.
Assistant Secretary
April 20, 1994
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sirs:
Accompanying this letter is Bankers Trust New York
Corporation's report on Form 8-K dated April 19, 1994
(the "Form 8-K"). The Form 8-K is being filed electronically through
the EDGAR System. One hard copy of the Form 8-K will be sent to the
Securities and Exchange Commission's Filer Support Unit, Alexandria,
Virginia.
If there are any questions or comments in connection with the
enclosed filing, please contact the undersigned collect at 212-250-
4857.
Very truly yours,
BANKERS TRUST NEW YORK CORPORATION
By: GORDON S. CALDER, JR.
Gordon S. Calder, Jr.
Assistant Secretary
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