<PAGE>
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 26, 1999
BANKERS TRUST 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.)
130 LIBERTY STREET, NEW YORK, NEW YORK 10006
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (212) 250-2500
<PAGE>
Item 5. Other Events
A) On April 26, 1999, Bankers Trust Corporation (the
"Registrant") released financial information with respect to the
quarter ended March 31, 1999. This Current Report on Form 8-K
files the Press Release which contains 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 financial information contained in the
Registrant's Press Release dated April 26, 1999, is described
below and is incorporated herein by reference.
1. Review of certain financial information.
2. The unaudited consolidated financial position of
Bankers Trust Corporation and its subsidiaries at March 31, 1999
and March 31, 1998 and the audited consolidated financial
position at December 31, 1998 and its unaudited condensed
consolidated results of operations for each of the three-month
periods ended March 31, 1999, December 31, 1998 and March 31,
1998.
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, 1999,
December 31, 1998 and March 31, 1998 and its condensed
consolidated results of operations for the three-month periods
ended March 31, 1999, December 31, 1998 and March 31, 1998 have
been made. All such adjustments were of a normal recurring
nature. The results of operations for the three-month period
ended March 31, 1999 is not necessarily indicative of operations
for the full year or any other interim period.
B) The following schedule was distributed to analysts in
conjunction with an Analyst/Investor conference call on April 26,
1999:
- Preliminary Emerging Markets Cross Border Exposures
at March 31, 1999 is contained in Exhibit 99.2
C) FORWARD-LOOKING STATEMENTS
Certain sections of this report contain forward-looking
statements and can be identified by the use of such words as
"anticipates," "expects," and "estimates," and similar
expressions. These statements are subject to certain risks and
uncertainties. These risks and uncertainties could cause actual
results to differ materially from the current statements. See
also "Important Factors Relating to Forward-Looking Statements"
contained in the Corporation's Annual Report.
<PAGE>
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99.1) Earnings Press Release of the Registrant
dated April 26, 1999.
(99.2) Preliminary Emerging Markets Cross Border Exposures
at March 31, 1999
<PAGE>
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 CORPORATION
By /s/ DAVID C. FISHER
DAVID C. FISHER
Controller and Principal
Accounting Officer
April 26, 1999
<PAGE>
BANKERS TRUST CORPORATION
FORM 8-K DATED APRIL 26, 1999
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
(99.1) Earnings Press Release of the Registrant dated
April 26, 1999.
(99.2) Preliminary Emerging Markets Cross Border Exposures
at March 31, 1999
MONDAY, APRIL 26, 1999
BANKERS TRUST REPORTS FIRST QUARTER RESULTS
New York, April 26, 1999 -- Bankers Trust Corporation (BT) today
reported that diluted earnings per share in the first quarter of
1999 were $1.30, compared to $0.23 in the fourth quarter of 1998
and $2.01 in the same period last year. Net income in the first
quarter of 1999 was $140 million, compared with $29 million in
the 1998 fourth quarter and $222 million in the first quarter of
1998.
Frank Newman, chairman of the board and chief executive officer,
said: "We are gratified by the firm's progress as we prepare for
our merger with Deutsche Bank in the current quarter. Much
effort has been focused on the integration of the two firms and
we look forward to creating a new global leader in high-quality
financial services. The first quarter was also marked by a
further reduction in our risk profile and significant improvement
in our Tier I capital ratio to 8.1% from 7.5% at December 31,
1998."
For the current quarter, total net revenue of $1.510 billion was
up $73 million from the fourth quarter of 1998 and down $123
million from the first quarter of 1998. Total noninterest
expenses of $1.301 billion for the first quarter of 1999 were
down $42 million and $24 million from the fourth quarter of 1998
and first quarter of 1998, respectively.
At March 31, 1999, the Corporation's Emerging Markets cross-
border exposures to Asia, Latin America and Russia were $4.8
billion, down 11% from $5.4 billion at December 31, 1998 and down
61% from $12.4 billion at March 31, 1998. At March 31, 1999,
total cash basis loans were $327 million, down from $392 million
at December 31, 1998 and up from $247 million at March 31, 1998.
As of March 31, 1999, the Corporation estimates that its ratios
of Tier 1 Capital and Total Capital to risk-weighted assets were
8.1% and 14.5%, respectively.
2
BUSINESS SEGMENTS
During the first quarter of 1999, the Corporation reorganized its
business segments. Businesses previously included in the
Emerging Markets Group have been transferred to other segments,
primarily the Restructuring Portfolio. The Restructuring
Portfolio business segment was formed in the first quarter of
1999 and includes the Corporation's exposures (loans, securities,
derivatives) that require special monitoring. These exposures
are virtually all in emerging markets. The Corporation intends
to continue to reduce exposure in the Restructuring Portfolio
over a reasonable timeframe.
In addition, the securities brokerage and portfolio management
activities for high net worth individuals, previously included in
the Private Client Services Group, have been transferred to
Investment Banking. Traditional banking services for high net
worth individuals, previously included in Private Client Services
Group, are included in Corporate/Other.
Prior period results have been restated for changes in
organizational structure.
TotalTotal Non- Pretax Net
First Quarter 1999 Net Interest Income/ Income/
(in millions) Revenue Expenses (Loss) (Loss)
Investment Banking $ 655 $ 548 $107 $ 72
Trading & Sales 292 164 128 86
Global Institutional Services 258 223 35 24
Australia/New Zealand/Int'l
Funds Mgmt 161 120 41 27
Restructuring Portfolio 18 141 (123) (82)
Corporate/Other 126 105 21 13
Total $1,510 $1,301 $209 $140
TotalTotal Non- Pretax Net
Fourth Quarter 1998 Net Interest Income/ Income/
(in millions) Revenue Expenses (Loss) (Loss)
Investment Banking $ 739 $ 543 $ 196 $ 116
Trading & Sales 295 149 146 86
Global Institutional Services 302 242 60 36
Australia/New Zealand/Int'l
Funds Mgmt 162 94 68 40
Restructuring Portfolio (143) 170 (313) (184)
Corporate/Other 82 145 (63) (65)
Total $1,437 $1,343 $ 94 $ 29
TotalTotal Non- Pretax Net
First Quarter 1998 Net Interest Income/ Income/
(in millions) Revenue Expenses (Loss) (Loss)
Investment Banking $ 816 $ 567 $249 $180
Trading & Sales 226 137 89 64
Global Institutional Services 255 227 28 20
Australia/New Zealand/Int'l
Funds Mgmt 145 107 38 27
Restructuring Portfolio 134 190 (56) (40)
Corporate/Other 57 97 (40) (29)
Total $1,633 $1,325 $308 $222
3
Business Segment Results
The Investment Banking business recorded net income of $72
million in the first quarter of 1999 compared to net income of
$180 million in the prior year quarter and $116 million in the
fourth quarter of 1998. The current quarter reflected lower
revenue from corporate finance activities and private equity
investments as compared to the prior quarters. In addition, fees
for brokerage services were lower in the current quarter as
compared to the fourth quarter of 1998, but higher than the prior
year quarter.
Trading & Sales recorded net income of $86 million in the first
quarter of 1999, compared to net income of $64 million in the
1998 first quarter and $86 million in the previous quarter. The
year-over-year increase was primarily attributable to equity
earnings in the Corporation's investment in Long-Term Capital
Management, L.P. Excluding this equity pick-up, Trading & Sales
results declined reflecting significant reductions in the
Corporation's risk positions.
Global Institutional Services contributed $24 million of net
income in the first quarter of 1999, up $4 million from the 1998
first quarter and down $12 million from the previous quarter.
The fourth quarter of 1998 included a benefit from a contingency
payment related to the 1997 sale of the Corporation's defined
contribution recordkeeping and participant services business.
Net income of the Australia/New Zealand/International Funds
Management business was $27 million in the first quarter of 1999,
unchanged from the first quarter of 1998 and down $13 million
from the previous quarter. A decline in this segment's
investment banking business contributed to the decrease in net
income from the prior quarter.
Restructuring Portfolio net loss in the first quarter of 1999 was
$82 million, compared with a net loss of $40 million in the first
quarter of 1998 and a net loss of $184 million in the fourth
quarter of 1998. The current quarter reflected the Corporation's
reductions in risk in emerging markets.
Corporate/Other includes the income and expenses of smaller
businesses that are not included in the main business segments
and revenue and expenses that have not been allocated to business
segments.
QUARTERLY FINANCIAL COMPARISONS
First Quarter 1999 versus Fourth Quarter 1998
Net income for the first quarter of 1999 was $140 million as
compared to $29 million in the fourth quarter of 1998.
First quarter 1999 combined trading revenue and trading-related
net interest revenue was $417 million. This was an increase of
$214 million from the fourth quarter of 1998. Page 8 shows
combined trading results by business segment.
Fiduciary and funds management revenue was $271 million in the
first quarter of 1999, down $18 million from the fourth quarter
of 1998. The decrease was primarily due to lower global private
banking commissions and lower client processing fees, partly
offset by higher investment management fees. At
4
March 31, 1999, assets under management were approximately $378
billion compared to $362 billion at December 31, 1998.
Corporate finance fees decreased by $93 million from the fourth
quarter of 1998 primarily due to lower revenue from merger and
acquisition and loan syndication activities.
Other fees and commissions of $211 million decreased $22 million
from the previous quarter. A decrease in customer trading
activity resulted in lower fees for brokerage services.
Securities available for sale losses totaled $4 million as
compared to gains of $25 million in the previous quarter.
Other noninterest revenue was $87 million in the current quarter,
compared to $120 million in the prior quarter. The current
quarter included losses from mark-to-market adjustments on
venture capital equity securities. In addition, the prior
quarter included a benefit from a contingency payment related to
the 1997 sale of the Corporation's defined contribution
recordkeeping and participant services business.
Incentive compensation and employee benefits increased $102
million primarily due to higher performance-based pay,
amortization of employee stock awards granted in 1999 for 1998
performance and other employee benefits.
Other noninterest expenses declined by $79 million. The fourth
quarter of 1998 reflected a $60 million fine to federal
authorities and a $3.5 million payment to the State of New York
as part of an agreement to resolve an investigation concerning
inappropriate transfers of unclaimed funds and related
recordkeeping problems that occurred between 1994 and early 1996.
First Quarter 1999 Versus First Quarter 1998
Net income for the first quarter of 1999 was $140 million as
compared to $222 million of net income earned in the first
quarter of 1998.
First quarter 1999 combined trading revenue and trading-related
net interest revenue was $417 million, up $27 million from the
first quarter of 1998. Page 8 shows combined trading results by
business segment.
Fiduciary and funds management revenue was $271 million in the
first quarter of 1999, up $10 million from the prior year period.
The increase was primarily due to higher client processing fees
and improved funds management revenue. At March 31, 1999, assets
under management were $378 billion compared to $334 billion at
March 31, 1998.
Corporate finance fees of $197 million decreased $134 million
from the $331 million earned in the first quarter of 1998. The
decline is primarily attributable to lower revenue from
underwriting and loan syndication activities.
Other fees and commissions of $211 million increased $51 million
from the prior year quarter. Increased customer trading activity
primarily due to the acquisition of NatWest Markets' European
equities business in the second quarter of 1998 resulted in
higher fees for brokerage services.
5
Net revenue from equity investments decreased $32 million from
the prior year quarter. The current quarter reflected lower
gains on direct equity investments.
Insurance premium revenue and the provision for policyholder
benefits expense both reflected the general decline in the
Chilean annuities market.
As compared to the first quarter of 1998, salaries and
commissions expense increased $37 million, or 11%, primarily due
to an increase in the average number of employees and higher
annual salaries.
Incentive compensation and employee benefits decreased $65
million, or 13%, from the prior year quarter due to lower
performance-based pay partially offset by the amortization of
employee stock awards granted in 1999 for 1998 performance.
The remainder of this release contains the following tables:
Page
1. BTC Condensed Consolidated Quarterly Statement
of Income 7
2. Combined Trading Revenue and Trading-Related Net
Interest Revenue 8
3. Net Interest Revenue 8
4. BTC Consolidated Balance Sheet 9
5. Stock and Capital Data 10
6. Nonperforming Assets and Allowances for Credit Losses 11
7. Emerging Markets Cross-Border Exposures 12
For additional information, contact William McBride, 212-250-7961.
Bankers Trust news releases, including quarterly results, are
available on the Internet (http://www.bankerstrust.com/earnings).
6
BANKERS TRUST CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED QUARTERLY STATEMENT OF INCOME
(in millions, except per share data)
(unaudited)
First Fourth First
Quarter Quarter Quarter
1998 1998 1999
NET INTEREST REVENUE
Interest revenue $1,989 $1,716 $1,511
Interest expense 1,587 1,448 1,250
Net interest revenue 402 268 261
Provision for credit losses-loans - 20 -
Net interest revenue after provision
for credit losses-loans 402 248 261
NONINTEREST REVENUE
Trading revenue* 191 79 340
Fiduciary & funds management 261 289 271
Corporate finance fees 331 290 197
Other fees & commissions 160 233 211
Net revenue from equity investments 131 99 99
Securities available for sale
gains (losses) (6) 25 (4)
Insurance premiums 69 54 48
Other 94 120 87
Total noninterest revenue 1,231 1,189 1,249
NONINTEREST EXPENSES
Salaries and commissions 336 358 373
Incentive compensation & employee
benefits 497 330 432
Agency & other professional service fees 105 127 91
Communication & data services 54 72 66
Occupancy, net 46 62 58
Furniture & equipment 54 77 69
Travel & entertainment 37 48 30
Provision for policyholder benefits 85 71 63
Other 111 198 119
Total noninterest expenses 1,325 1,343 1,301
Income before income taxes 308 94 209
Income taxes 86 65 69
NET INCOME $ 222 $ 29 $ 140
NET INCOME APPLICABLE TO COMMON STOCK $ 211 $ 23 $ 134
Cash dividends declared per common share $1.00 $1.00 $1.00
EARNINGS PER COMMON SHARE:
BASIC $2.08 $0.24 $1.33
DILUTED $2.01 $0.23 $1.30
* The Corporation accounts for revenue from a wide range of
business activities as "trading". See table on page 8.
Certain prior period amounts have been reclassified to conform
to the current presentation.
7
COMBINED TRADING REVENUE AND TRADING-RELATED NET INTEREST REVENUE
The Corporation views trading revenue and trading-related net
interest revenue (NIR) together, as presented in the table below.
First Fourth First
Quarter Quarter Quarter
(in millions) 1998 1998 1999
Trading Revenue $191 $ 79 $340
Trading-Related Net Interest
Revenue (Estimate) 199 124 77
Total Trading Revenue & Trading
-Related NIR $390 $203 $417
By Business Segment (in millions)
Investment Banking $105 $ 37 $106
Trading & Sales 181 238 238
Global Institutional Services 1 2 6
Australia/New Zealand/Int'l Funds Mgmt 39 45 49
Restructuring Portfolio 49 (155) (13)
Corporate/Other 15 36 31
Total Trading Revenue & Trading
-Related NIR $390 $ 203 $417
Note: The Corporation accounts for revenue from a wide range of
business activities as "trading". Investment Banking produces
trading revenue in secondary market activities with clients,
primarily in sectors where the Firm also serves as underwriter.
A small portion of trading revenue arises from private equity
investments that are accounted for on a mark-to-market basis.
Trading & Sales produces trading revenue through proprietary
position-taking, including arbitrage, new derivative transactions
with clients, as well as market making and other client
activities. Australia/New Zealand/Int'l Funds Mgmt produce
trading revenue from all the above business activities.
Restructuring Portfolio produces trading revenue from trading
positions previously held by the emerging markets businesses.
Corporate/Other includes various transactions which, for
management accounting purposes, are not recorded in the business
segments.
NET INTEREST REVENUE
First Fourth First
Quarter Quarter Quarter
($ in millions) 1998 1998 1999
Nontrading-related net interest
revenue (Estimate) $203 $144 $184
Trading-related net interest
revenue (Estimate) 199 124 77
Net interest revenue $402 $268 $261
Average rates (fully taxable basis)
Yield on interest-earning assets 7.17% 6.52% 6.15%
Cost of interest-bearing liabilities 5.84% 5.66% 5.23%
Interest rate spread 1.33% .86% .92%
Net interest margin 1.47% 1.04% 1.09%
Average balances ($ in billions)
Loans $21.4 $23.3 $23.0
Total interest-earning assets $113.0 $104.9 $100.2
Total assets $150.5 $148.4 $137.2
Total interest-bearing liabilities $110.3 $101.4 $97.0
8
BANKERS TRUST CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
March 31 December 31 March 31
1998* 1998 1999*
ASSETS
Cash and due from banks $ 1,504 $ 2,837 $ 1,753
Interest-bearing deposits with banks 2,068 2,382 1,187
Federal funds sold 1,630 2,484 2,475
Sec. purch. under resale agreements 22,843 17,053 21,249
Securities borrowed 22,832 14,709 18,487
Trading assets:
Government securities 13,517 5,731 6,064
Corporate debt securities 9,495 5,519 4,415
Equity securities 8,963 5,810 5,657
Swaps, options & other derivatives 14,797 17,376 11,223
Other trading assets 13,591 11,734 11,820
Total trading assets 60,363 46,170 39,179
Securities available for sale 12,893 12,748 10,371
Loans, net 21,178 22,633 19,690
Customer receivables 1,572 1,524 1,854
Accounts receivable & accrued interest4,729 3,815 3,677
Other assets 5,925 6,760 7,184
Total $157,537 $133,115 $127,106
LIABILITIES
Noninterest-bearing deposits
Domestic offices $ 2,969 $ 2,784 $ 2,521
Foreign offices 1,624 1,689 1,790
Interest-bearing deposits
Domestic offices 24,180 18,259 15,871
Foreign offices 17,568 14,602 16,155
Total deposits 46,341 37,334 36,337
Trading liabilities:
Securities sold, not yet purchased
Government securities 8,821 4,149 5,567
Equity securities 5,235 6,458 6,066
Other trading liabilities 789 789 426
Swaps, options & other derivatives 14,273 15,857 10,536
Total trading liabilities 29,118 27,253 22,595
Securities loaned and securities
sold under repurchase agreements 21,881 17,420 15,889
Other short-term borrowings 24,868 16,313 18,438
Accounts payable and accrued expenses 5,875 5,210 5,277
Other liabilities 5,819 5,466 5,351
Long-term debt not included in
risk-based capital 12,740 14,890 13,939
Long-term debt included in
risk-based capital 3,306 3,113 3,122
Trust preferred capital securities** 1,473 1,420 1,421
Total liabilities 151,421 128,419 122,369
PREFERRED STOCK OF SUBSIDIARY 304 - -
STOCKHOLDERS' EQUITY
Preferred stock 658 394 394
Common stock 105 105 105
Capital surplus 1,592 1,613 1,617
Retained earnings 4,225 3,504 3,452
Common stock in treasury, at cost (803) (1,056) (828)
Other stockholders' equity 458 599 490
Accumulated other comprehensive income:
Net unrealized gains (losses) on
securities available for sale, net
of taxes (52) (65) (65)
Foreign currency translation, net
of taxes (371) (398) (428)
Total stockholders' equity 5,812 4,696 4,737
Total $157,537 $133,115 $127,106
* Unaudited.
** Mandatorily redeemable capital securities of subsidiary
trusts holding solely junior subordinated deferrable interest debentures
included in risk-based capital.
Certain prior period amounts have been reclassified to conform to
the current presentation.
9
STOCK AND CAPITAL DATA
First Fourth First
Quarter Quarter Quarter
1998 1998 1999
FOR THE QUARTER
Return on Average Common
Stockholders' Equity 16.7% 2.1% 12.5%
Return on Average Total Assets .60% .08% .41%
PER COMMON SHARE
Earnings:
Basic $2.08 $0.24 $1.33
Diluted $2.01 $0.23 $1.30
Cash Dividends Declared $1.00 $1.00 $1.00
Market Price, End of Period $120.31 $85.44 $88.25
Book Value, End of Period $49.82 $42.66 $43.06
COMMON SHARES (shares in thousands except par value)
Common stock $1 par value:
Authorized, at period end 300,000 300,000 300,000
Issued, at period end 105,379 105,380 105,380
Common stock in treasury, at period end 7,522 9,666 7,727
Average Common and Common Equivalent
Shares Outstanding
Basic 101,357 99,029 100,658
Diluted 105,123 101,691 102,957
CAPITAL RATIOS, END OF PERIOD
Common Stockholders' Equity to
Total Assets 3.3% 3.2% 3.4%
Total Stockholders' Equity to
Total Assets 3.7% 3.5% 3.7%
Bankers Trust Corporation:
Risk-Based Capital Ratios (1)
Tier 1 Capital 8.2% 7.5% 8.1%
Total Capital 14.2% 13.6% 14.5%
Leverage Ratio(1) 4.5% 3.5% 3.8%
Bankers Trust Company:
Risk-Based Capital Ratios(1)
Tier 1 Capital 8.6% 10.5% 11.8%
Total Capital 12.3% 13.4% 13.7%
Leverage Ratio(1) 5.4% 5.7% 6.4%
(1) Regulatory capital ratios at March 31, 1999 are preliminary.
10
NONPERFORMING ASSETS AND ALLOWANCES FOR CREDIT LOSSES
(in millions)
March 31 December 31 March 31
1998 1998 1999
Nonperforming assets
Cash basis loans
Secured by real estate $ 92 $104 $ 91
Real estate related 15 14 11
Highly leveraged 25 66 55
Other 115 208 170
Total cash basis loans $247 $392 $327
Renegotiated loans $25 $26 $25
Other real estate $190 $87 $92
Other nonperforming assets $4 $8 $8
Allowances for credit losses
Loans
Balance, beginning of quarter $699 $667 $652
Provision for credit losses - 20 -
Net charge-offs
Charge-offs 7 40 60
Recoveries 3 5 11
Total net charge-offs 4 35 49
Balance, end of quarter $695 $652 $603
Other liabilities
Balance, beginning of quarter $13 $13 $18
Provision for credit losses - 5 -
Balance, end of quarter $13 $18 $18
11
EMERGING MARKETS CROSS-BORDER EXPOSURES(1)
($ in billions)
March 31, December 31, March 31,
1998 1998 1999*
Korea, Republic of $1.4 $0.8 $0.9
Indonesia 1.0 0.4 0.4
Hong Kong 0.7 0.4 0.3
Thailand 0.5 0.2 0.2
Malaysia 0.2 0.1 0.1
Other(2) 1.4 0.8 0.7
Total Emerging Asia $5.2 $2.7 $2.6
Brazil $2.6 $0.7 $0.6
Mexico 1.2 0.6 0.5
Argentina 0.9 0.5 0.4
Venezuela 0.3 0.1 -
Other(3) 0.8 0.6 0.5
Total Latin America $5.8 $2.5 $2.0
Russian Federation $1.4 $0.2 $0.2
Total $12.4 $5.4 $4.8
As a % of Total Assets 7.9% 4.1% 3.8%
(1) Based on FFIEC instructions. Shown by country of ultimate
risk. Excludes local country claims on local residents.
(2) Includes Peoples Republic of China, Republic of Taiwan,
India, Philippines, Singapore and Sri Lanka.
(3) Includes Chile, Colombia, Peru, Ecuador, Nicaragua, Panama
and Uruguay.
* Preliminary.
12
<PAGE>
EXHIBIT 99.2
Emerging Markets Cross Border Exposures(1)
March 31, 1999
($ billions)
PRELIMINARY
<TABLE>
<CAPTION>
Total
Deriva- Cross
Trade Trading/ tives/ Commit- Border
Finance Other(2) FX Loans ments Exposure
<S> <C> <C> <C> <C> <C> <C>
Korea, Republic of $0.2 $0.3 $0.3 $ - $0.1 $0.9
Indonesia - 0.1 0.3 - - 0.4
Hong Kong - 0.1 0.1 0.1 - 0.3
Thailand - - 0.1 - - 0.2
Malaysia - - - - - 0.1
Other(3) 0.1 0.2 0.4 0.1 - 0.7
Total Emerging Asia $0.2 $0.7 $1.3 $0.2 $0.1 $2.6
Brazil $0.2 $0.2 $ - $0.1 $0.1 $0.6
Mexico 0.1 0.1 - 0.2 0.1 0.5
Argentina - 0.2 - 0.1 - 0.4
Venezuela - - - - - -
Other(4) 0.2 0.2 - 0.1 - 0.5
Total Latin America $0.4 $0.8 $0.1 $0.5 $0.2 $2.0
Russian Federation $ - $ - $ - $0.2 $ - $0.2
Total $0.7 $1.5 $1.3 $1.0 $0.3 $4.8
<FN>
(1) Based on FFIEC instructions, shown by country of ultimate risk. First
five columns represent management's view of types of claims. Excludes local
country claims on local residents. Numbers may not total due to rounding
differences.
(2) Includes securities, deposits and other exposures.
(3) Includes Peoples Republic of China, Republic of Taiwan, India,
Philippines, Singapore & Sri Lanka.
(4) Includes Chile, Colombia, Peru, Ecuador, Nicaragua, Panama and Uruguay.
</TABLE>
BANKERS TRUST CORPORATION
130 LIBERTY STREET
NEW YORK, NEW YORK 10006
David C. Fisher
Controller and Principal
Accounting Officer
April 26, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sirs:
Accompanying this letter is Bankers Trust Corporation's Report on Form
8-K dated April 26, 1999 (the "Form 8-K"). The Form 8-K is being filed
electronically through the EDGAR System.
If there are any questions or comments in connection with the enclosed
filing, please contact the undersigned at 212-250-3681.
Very truly yours,
BANKERS TRUST CORPORATION
By: DAVID C. FISHER
DAVID C. FISHER
Controller and Principal
Accounting Officer
