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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) July 22, 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 July 22, 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 June 30, 1994 and December 31, 1993 and its
unaudited consolidated results of operations for each
of the three-month and six-month periods ended June 30,
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 June 30, 1994
and December 31, 1993 and its consolidated results of operations
for the three-month and six-month periods ended June 30, 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 and six-month periods ended June 30, 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
July 22, 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/ GEOFFREY M. FLETCHER
Geoffrey M. Fletcher
Senior Vice President and
Principal Accounting Officer
July 27, 1994
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BANKERS TRUST NEW YORK CORPORATION
FORM 8-K DATED JULY 22, 1994
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
(99) Press Release of the
Registrant dated July 22, 1994
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FRIDAY, JULY 22, 1994
BANKERS TRUST REPORTS SECOND QUARTER NET INCOME OF $181 MILLION, OR
$2.09 PER SHARE; RETURN ON EQUITY WAS 16%
New York, July 22, 1994 -- Bankers Trust New York Corporation
earned $181 million for the quarter ended June 30, 1994, or $2.09
primary earnings per share. In the second quarter of 1993, the
Corporation earned $251 million, or $2.90 primary earnings per
share. Return on average common equity for the second quarter of
1994 was 16%.
"Trading revenue rebounded from the first quarter, but declined
versus the strong results achieved in last year's second quarter,
as market conditions continued to be difficult during the most
recent three months," said Chairman Charles S. Sanford, Jr.
"This quarter's return on equity of 16% reflected significant
levels of revenue from our corporate finance and fiduciary and
funds management businesses. Also noteworthy were a continued
improvement in asset quality and a 17% increase in book value per
common share from the second quarter of 1993."
Revenue
Net interest revenue totaled $309 million, up $10 million from
the second quarter of 1993.
The Corporation views trading revenue and trading-related net
interest revenue in combination, as quantified below (in
millions):
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<TABLE>
<CAPTION>
Trading-
Related
Net
Trading Interest
Revenue Revenue Total
<S> <C> <C> <C>
Second Quarter 1994 $124 $121 $245
Second Quarter 1993 $405 $122 $527
</TABLE>
The $282 million decrease in this combined total from the results
achieved in the second quarter of 1993 was primarily attributable
to sharply lower revenue from proprietary trading and positioning
activities, as generally rising interest rates and related
volatility in the United States and European markets made
positioning activities difficult. In addition, these market
conditions contributed to lower revenue during the second quarter
for the Firm's traditional interest rate and currency risk
management products.
On April 15, 1994, a debt exchange took place between the
Brazilian government and its commercial bank creditors, including
the Corporation, thereby completing the long-awaited refinancing
of Brazil's medium- and long-term debt. Subsequent sales of
these Brady bonds and Past-Due Interest bonds by the Corporation
have had a significant positive impact on trading revenue and, to
a lesser extent, net interest revenue for the second quarter of
1994.
Fiduciary and funds management revenue totaled $187 million for
the second quarter, up $11 million, or 6%, from the same period
last year. The increased revenue reflected higher levels of
global private banking assets under management as well as new
business in cash and securities processing, retirement services
and corporate trust, offset in part by lower performance-based
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fees from foreign exchange funds managed.
Fees and commissions of $195 million increased by $22 million, or
13%, from the second quarter of 1993. Corporate finance fees of
$115 million increased by $13 million to their second highest
level in nearly five years, led by higher revenue from financial
advisory, private placement and merger and acquisition
activities. These results were partially offset by lower
leasing syndication and securities underwriting fees. Also
impacting fees and commissions was higher fees from the
structuring of products for employee benefit plans.
Other noninterest revenue totaled $112 million, up $42 million
from the prior year's quarter. This increase was due to several
factors including the impact of an insurance settlement related
to the January 1993 fire at 280 Park Avenue, higher insurance
premium revenue from operations in Chile and a gain from the
revaluation of non-trading foreign currency investments, versus a
loss in the prior year.
Expenses
Total noninterest expenses of $688 million decreased by $61
million from the second quarter of 1993. Incentive compensation
and employee benefits expense decreased $111 million, or 35%,
almost entirely due to lower bonus expense reflecting the reduced
earnings. Salaries expense increased $22 million, or 13%, from
the second quarter of 1993. The average number of employees
increased by 4% versus the same period, to 13,833.
All other expenses totaled $297 million for the quarter, up $28
million, or 10%, from last year's second quarter. Increases in
the provision for policyholder benefits, service bureaus and
agency personnel fees were offset in part by a decrease in other
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real estate expense.
Asset Quality
The Corporation recorded $5 million of net charge-offs and no
provision for credit losses in the second quarter of 1994. In
the prior year's quarter, net charge-offs of $51 million and a
provision for credit losses of $23 million were recognized.
Cash basis loans declined by $118 million, or 14%, to $744
million during the second quarter. Total nonperforming assets,
including renegotiated loans, declined for the tenth consecutive
quarter to $1.152 billion. The allowance for credit losses at
June 30, 1994 was $1.340 billion, representing 180% of cash basis
loans.
Six Months Results
For the first six months of 1994, the Corporation's net income
was $345 million, or $3.99 primary earnings per share. For the
six months ended June 30, 1993 the Corporation earned $481
million before cumulative effects of accounting changes, or $5.54
primary earnings per share. The Corporation's return on average
common equity for the first half of 1994 was 15%.
Effects of Accounting Changes
On January 1, 1994, the Corporation adopted FASB Interpretation
No. 39, "Offsetting of Amounts Related to Certain Contracts."
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 June 30, 1994 the Corporation's
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consolidated total assets and total liabilities each increased by
$14 billion. In the first quarter of 1993, the Corporation
adopted accounting standards for postretirement benefits other
than pensions (SFAS 106) and postemployment benefits (SFAS 112).
Capital
The Corporation estimates that its ratios of Tier 1 Capital and
Total Capital to risk-adjusted assets were approximately 8.50%
and 13.90%, respectively, at June 30, 1994. The Leverage Ratio
was 5.97% at that same date. Total stockholders' equity of
$4.793 billion increased by $48 million from the first quarter of
1994.
Contacts
Media: Douglas B. Kidd
(212) 454-3532
Thomas A. Parisi
(212) 454-1686
Investor: Mary M. Flournoy
(212) 454-3201
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<TABLE>
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
FINANCIAL STATISTICS
($ in millions, except per share data)
(unaudited)
<CAPTION>
First
Second Quarter Quarter Six Months
1994 1993 1994 1994 1993
<S> <C> <C> <C> <C> <C>
Income before cumulative effects of
accounting changes $181 $251 $164 $345 $481
Cumulative effects of
accounting changes - - - - (75)
Net income $181 $251 $164 $345 $406
Primary earnings per common share:
Income before cumulative effects
of accounting changes $2.09 $2.90 $1.90 $3.99 $5.54
Cumulative effects of
accounting changes - - - - (.89)
Net income $2.09 $2.90 $1.90 $3.99 $4.65
Fully diluted earnings per common share:
Income before cumulative effects
of accounting changes $2.09 $2.90 $1.90 $3.99 $5.53
Cumulative effects of
accounting changes - - - - (.89)
Net income $2.09 $2.90 $1.90 $3.99 $4.64
Cash dividends declared $.90 $.78 $.90 $1.80 $1.56
Book value per common share (1) $53.37 $45.66 $52.41
Profitability ratios
Return on average common
stockholders' equity 15.87% 26.07% 14.85% 15.36% N/M
- Excluding cumulative effects of
accounting changes N/A N/A N/A N/A 24.93%
Return on average total assets .71% 1.16% .61% .66% N/M
- Excluding cumulative effects of
accounting changes N/A N/A N/A N/A 1.17%
Net interest revenue
(fully taxable basis) $330 $319 $391 $721 $634
Average rates (fully taxable basis)
Yield on interest-earning assets 6.91% 5.50% 6.17% 6.52% 5.68%
Cost of interest-bearing liabilities 5.33% 4.33% 4.38% 4.83% 4.41%
Interest rate spread 1.58% 1.17% 1.79% 1.69% 1.27%
Net interest margin 1.79% 1.61% 1.96% 1.87% 1.70%
Average balances
Loans $12,586 $15,593 $13,003 $12,793 $15,934
Total interest-earning assets $74,107 $79,268 $81,037 $77,553 $75,317
Total assets $101,896 $86,752 $109,113 $105,485 $83,030
Total interest-bearing
liabilities $71,197 $71,210 $77,935 $74,547 $68,024
Common stockholders' equity $4,348 $3,785 $4,343 $4,346 $3,718
Total stockholders' equity $4,798 $4,043 $4,602 $4,701 $4,071
At end of period
Common stockholders' equity
to total assets 4.19% 4.57% 4.14%
Total stockholders' equity
to total assets 4.62% 4.87% 4.57%
Risk-based capital ratios
Tier 1 Capital (2) 8.50% 8.12% 8.89%
Total Capital (2) 13.90% 14.10% 14.66%
Leverage Ratio (2) 5.97% 5.84% 5.39%
Employees 13,990 13,406 13,748
</TABLE>
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BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
FINANCIAL STATISTICS (CONT'D.)
(in millions)
(unaudited)
<CAPTION>
June 30, March 31,
1994 1993 1994
<S> <C> <C> <C>
Nonperforming assets
Cash basis loans
Secured by real estate $405 $ 564 $462
Real estate related 49 59 52
Highly leveraged 170 210 162
Other 118 173 124
Refinancing country 2 189 62
Total cash basis loans $744 $1,195 $862
Renegotiated loans
Mexican government Par Bonds $ - $461 $ -
Other 14 38 20
Total renegotiated loans $14 $499 $20
Other real estate $310 $298 $283
Other nonperforming assets $84 $153 $101
<CAPTION>
Second Quarter Six Months
1994 1993 1994 1993
<S> <C> <C> <C> <C>
Allowance for credit losses
Balance, beginning of period $1,345 $1,529 $1,324 $1,620
Net charge-offs
Charge-offs 17 75 38 205
Recoveries 12 24 54 33
Total net charge-offs (recoveries)* 5 51 (16) 172
Provision for credit losses - 23 - 53
Balance, end of period $1,340 $1,501 $1,340 $1,501
*Components:
Secured by real estate $ 14 $44 $ 12 $ 50
Real estate related 2 - 2 1
Highly leveraged - - (9) 17
Other - 2 9 100
Refinancing country (11) 5 (30) 4
Total $ 5 $51 $(16) $172
<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 June 30, 1994 are preliminary. At both
June 30, 1994 and March 31, 1994, 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 JUNE 30, 1994 1993 (Decrease)
<S> <C> <C> <C>
NET INTEREST REVENUE
Interest revenue $1,255 $1,067 $ 188
Interest expense 946 768 178
Net interest revenue 309 299 10
Provision for credit losses - 23 (23)
Net interest revenue after provision
for credit losses 309 276 33
NONINTEREST REVENUE
Trading 124 405 (281)
Fiduciary and funds management 187 176 11
Fees and commissions 195 173 22
Securities available for sale gains 19 - 19
Investment securities gains - 8 (8)
Other 112 70 42
Total noninterest revenue 637 832 (195)
NONINTEREST EXPENSES
Salaries 189 167 22
Incentive compensation and employee benefits 202 313 (111)
Occupancy, net 38 39 (1)
Furniture and equipment 37 34 3
Other 222 196 26
Total noninterest expenses 688 749 (61)
Income before income taxes 258 359 (101)
Income taxes 77 108 (31)
NET INCOME $ 181 $ 251 $ (70)
NET INCOME APPLICABLE TO COMMON STOCK $ 172 $ 246 $ (74)
EARNINGS PER COMMON SHARE:
PRIMARY $2.09 $2.90 $(.81)
FULLY DILUTED $2.09 $2.90 $(.81)
Cash dividends declared per common share $.90 $.78 $.12
</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
SIX MONTHS ENDED JUNE 30, 1994 1993 (Decrease)
<S> <C> <C> <C>
NET INTEREST REVENUE
Interest revenue $2,466 $2,088 $ 378
Interest expense 1,787 1,489 298
Net interest revenue 679 599 80
Provision for credit losses - 53 (53)
Net interest revenue after provision
for credit losses 679 546 133
NONINTEREST REVENUE
Trading 138 751 (613)
Fiduciary and funds management 375 335 40
Fees and commissions 377 320 57
Securities available for sale gains 23 - 23
Investment securities gains - 12 (12)
Other 229 148 81
Total noninterest revenue 1,142 1,566 (424)
NONINTEREST EXPENSES
Salaries 366 332 34
Incentive compensation and employee benefits 364 584 (220)
Occupancy, net 75 74 1
Furniture and equipment 76 68 8
Other 448 372 76
Total noninterest expenses 1,329 1,430 (101)
Income before income taxes and
cumulative effects of accounting changes 492 682 (190)
Income taxes 147 201 (54)
INCOME BEFORE CUMULATIVE EFFECTS OF
ACCOUNTING CHANGES 345 481 (136)
Cumulative effects of accounting changes - (75) 75
NET INCOME $ 345 $ 406 $ (61)
NET INCOME APPLICABLE TO COMMON STOCK $ 331 $ 394 $ (63)
PRIMARY EARNINGS PER COMMON SHARE:
Income before cumulative effects of
accounting changes $3.99 $5.54 $(1.55)
Cumulative effects of accounting changes - (.89) .89
Net income $3.99 $4.65 $ (.66)
FULLY DILUTED EARNINGS PER COMMON SHARE:
Income before cumulative effects of
accounting changes $3.99 $5.53 $(1.54)
Cumulative effects of accounting changes - (.89) .89
Net income $3.99 $4.64 $ (.65)
Cash dividends declared per common share $1.80 $1.56 $.24
</TABLE>
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BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
($ in millions, except par value)
(unaudited)
<CAPTION>
June 30, December 31,
1994 1993
<S> <C> <C>
ASSETS
Cash and due from banks $ 2,662 $ 1,750
Interest-bearing deposits with banks 1,579 1,638
Federal funds sold 1,574 361
Securities purchased under resale agreements 12,257 9,567
Securities borrowed 5,396 2,937
Trading assets 54,669 48,276
Securities available for sale 6,961 7,073
Loans 13,223 15,200
Allowance for credit losses (1,340) (1,324)
Premises and equipment, net 763 719
Due from customers on acceptances 401 455
Accounts receivable and accrued interest 2,367 2,561
Other assets 3,127 2,869
Total $103,639 $92,082
LIABILITIES
Deposits
Noninterest-bearing
In domestic offices $ 3,080 $ 3,185
In foreign offices 612 707
Interest-bearing
In domestic offices 5,671 7,120
In foreign offices 11,099 11,764
Total deposits 20,462 22,776
Trading liabilities 25,151 9,349
Securities sold under repurchase agreements 21,509 23,834
Other short-term borrowings 19,188 18,992
Acceptances outstanding 402 455
Accounts payable and accrued expenses 3,656 3,771
Other liabilities 2,646 2,524
Long-term debt 5,582 5,597
Total liabilities 98,596 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 3,404 3,226
Common stock in treasury, at cost:
1994, 4,714,603 shares;
1993, 3,076,439 shares (358) (233)
Other (106) (114)
Total stockholders' equity 4,793 4,534
Total $103,639 $92,082
</TABLE>
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BANKERS TRUST NEW YORK CORPORATION
280 PARK AVENUE
NEW YORK, NEW YORK 10017
Geoffrey M. Fletcher
Senior Vice President and
Principal Accounting Officer
July 27, 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 July 22, 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 at 212-250-7098.
Very truly yours,
BANKERS TRUST NEW YORK CORPORATION
By: GEOFFREY M. FLETCHER
Geoffrey M. Fletcher
Senior Vice President and
Principal Accounting Officer
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