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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) May 16 1995
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BANKERS TRUST NEW YORK CORPORATION
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(Exact name of registrant as specified in its charter)
NEW YORK
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(State or other jurisdiction of incorporation)
1-5920 13-6180473
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(Commission file number) (IRS employer identification no.)
280 PARK AVENUE, NEW YORK NEW YORK 10017
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(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
On May 16, 1995, Bankers Trust New York Corporation issued a press
release announcing that Charles S. Sanford, Jr., chairman and chief
executive officer of Bankers Trust New York Corporation, announced his
intention to retire no later than the middle of 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
99.1 Press Release of Bankers Trust New York Corporation, dated May 16,
1995.
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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.
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Gordon S. Calder, Jr.
Assistant Secretary
date: May 17, 1995
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INDEX TO EXHIBITS
99.1 Press release of Bankers Trust New York Corporation, dated
May 16, 1995,
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EXHIBIT 99.1
Corporate Communications Division, 280 Park Avenue, New York Mailing Address:
P.O. Box 318, New York, N.Y. 10008-0318
LOGO Bankers Trust New York Corporation
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News Release
For Release:
CHARLES SANFORD ANNOUNCES INTENTION TO RETIRE
New York, May 16, 1995 -- Charles S. Sanford, Jr., chairman and chief
executive officer of Bankers Trust New York Corporation and Bankers Trust
Company, today announced his intention to retire no later than the middle of
next year.
In a letter to the Bankers Trust Board of Directors, Mr. Sanford said,
"As you all know, I have long intended to retire from Bankers Trust by the time
I reach the age of 60, which will occur in 1996. Because I have recently and
extensively discussed and reviewed with you the plans and strategies for Bankers
Trust, you also know that I am very confident that we are overcoming the unusual
challenges that we faced in the last year and that we are well on the road to
a successful future. In this context, I have therefore decided that I should
advise you of my intention to retire no later than the middle of 1996. In the
coming weeks and months, I would like to work with the Board of Directors in
order to identify my successor as chairman and chief executive officer and to
ensure that the management of Bankers Trust is optimally organized for a smooth
and orderly transition."
Responding to Mr. Sanford's announced intention on behalf of the entire
Board, Director Hamish Maxwell said, "Charlie Sanford has been the principal
architect of what has been recognized during his chairmanship as one of the most
innovative and profitable global financial institutions. The Board looks forward
to working with him to ensure that Bankers Trust is led successfully into the
next century. The Board expects Bankers Trust to find the person whose vision
and leadership skills over the next decade will build on the remarkable
achievements of Charlie's chairmanship."
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A 1958 graduate of the University of Georgia, Mr. Sanford received an MBA
from the Wharton School of the University of Pennsylvania in 1960. He joined
Bankers Trust in 1961 and was elected a member of the Management
Committee in 1979, president in 1983, deputy chairman in 1986 and chairman
and chief executive officer in 1987. He began his career as a commercial
banking officer and was appointed head of the bank's money and securities
markets businesses in 1972, having been assigned to those businesses three
years earlier. He was in charge of money and securities market until 1983,
during which time it came to be among the most respected trading, capital
markets and funding operations on Wall Street. As chief executive officer, he
has led the firm's development as a highly regarded manager of risk for its
clients.
Mr. Sanford's views on the role of risk in people's lives were expressed
in a commencement address to the 1989 graduates of the University of Georgia
entitled: "Life Value and the Paradoxes of Risk." It was delivered at Sanford
Stadium, which was named after his grandfather, Dr. Steadman V. Sanford, who
served as dean, president and chancellor of the University. His gift made
possible construction of Sanford Hall at the University's Terry College of
Business, which is named in honor of Mr. Sanford's father, grandfather and other
Sanfords who have been graduated from the University beginning in 1838.
Mr. Sanford is a recipient of the International Executive of the Year
Award from the Marriot School of Management of Brigham Young University, the
Outstanding Financial Executive of the Year Award from the Owen Graduate School
of Management of Vanderbilt University, the Distinguished Service Award of the
Wharton School Alumni Association, the Distinguished Alumni Merit Award from the
University of Georgia and its Alumni Society, the Distinguished Alumni Award
from the Terry College of Business, the Banker of the Year award from the
publication Wall Street Transcript, and the George Washington Award for
Patriotic Achievement from the Society of Cincinnati. He has also been elected
to the Wharton School Hall of Fame.
Mr. Sanford has written on several themes. His thoughts on the future of
the financial markets were expressed in a 1993 paper, "Financial Markets in
2020," delivered at the Federal Reserve Bank of Kansas City's annual Economic
Symposium, attended by the heads of central banks and leading academics. Also
in 1993, he delivered the O'Neil-Abbott Distinguished Lecture, on "The Social
Value of Financial Services," at the Darden Graduate School of Business
Administration, University of Virginia. He addressed "The Real Cost of
Regulation" in a 1992 speech at Brigham Young University, which discussed how
regulation inhibits the human spirit's natural drive to innovate and achieve
progress. His views on "The Social Contract," in which he outlined what Bankers
Trust and its employees have the right to expect from each other, were expressed
in a 1992 talk to employees. Most recently, Mr. Sanford discussed "The Risk
Management Revolution" at a symposium cosponsored by the American
Mathematical Society and the Massachusetts Institute of Technology.
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Mr. Sanford is a director of Mobil Corporation and J.C. Penney Company,
Inc. He is also a member of the Business Roundtable, The Business Council, the
Board of Overseers of the Wharton School, the Foundation Board of Trustees of
the University of Georgia and the Council on Foreign Relations. He served
previously as a governor of the Securities Industry Association, a director of
the Public Securities Association and chairman of the New York Clearing House
Committee.
Bankers Trust New York Corporation is the nation's seventh largest banking
company, with assets in excess of $100 billion. It has operation in more than
40 countries worldwide.
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For more information, please contact Thomas Parisi, Bankers Trust Company,
212-454-1686.
