-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GctiPTYrD9V4oFRkpbS8L+kjWoAjMpDD30Vcf4zMKzJNhUEswe+o0R8MjSTR9c7Q VdcGnAOgAPTYgEfU7APwyQ== 0000009749-95-000103.txt : 19951023 0000009749-95-000103.hdr.sgml : 19951023 ACCESSION NUMBER: 0000009749-95-000103 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951019 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19951019 SROS: AMEX SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANKERS TRUST NEW YORK CORP CENTRAL INDEX KEY: 0000009749 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 136180473 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05920 FILM NUMBER: 95582475 BUSINESS ADDRESS: STREET 1: 280 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2122502500 MAIL ADDRESS: STREET 1: 280 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: BT NEW YORK CORP DATE OF NAME CHANGE: 19671107 8-K 1 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) October 19, 1995 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 Item 5. Other Events The purpose of this Current Report on Form 8-K is to file a Press Release dated October 19,1995 announcing the election of Frank Newman as president of Bankers Trust New York Corporation and 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 financial information contained in the Registrant's Press Release dated October 19, 1995, 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 September 30, 1995 and December 31, 1994 and its unaudited consolidated results of operations for each of the three- month and nine-month periods ended September 30, 1995 and 1994 and the three-month period ended June 30, 1995. In the opinion of the Registrant's management, all material adjustments necessary for a fair presentation of the Corporation's consolidated financial position at September 30, 1995 and December 31, 1994 and its consolidated results of operations for the three-month and nine-month periods ended September 30, 1995 and 1994 and the three-month period ended June 30, 1995 have been made. All such adjustments were of a normal recurring nature. The results of operations for the three-month and nine-month periods ended September 30, 1995 and the three- month period ended June 30, 1995 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 (99.1) Earnings Press Release of the Registrant dated October 19, 1995. (99.2) Press Release dated October 19, 1995, announcing the election of Frank Newman as president of Bankers Trust New York Corporation. 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 October 19, 1995 BANKERS TRUST NEW YORK CORPORATION FORM 8-K DATED OCTOBER 19, 1995 EXHIBIT INDEX Exhibit Number Description of Exhibit (99.1) Earnings Press Release of the Registrant dated October 19, 1995. (99.2) Press Release dated October 19, 1995, announcing the election of Frank Newman as president of Bankers Trust New York Corporation. EX-99.1 2 THURSDAY, OCTOBER 19, 1995 BANKERS TRUST EARNINGS INCREASED 70% OVER SECOND QUARTER 1995; RETURN ON EQUITY WAS 14% New York, October 19, 1995 -- Bankers Trust New York Corporation earned $155 million for the quarter ended September 30, 1995, or $1.72 primary earnings per share. Return on average common equity for the third quarter of 1995 was 14%. The Corporation earned $91 million, or $.98 primary earnings per share for the quarter ended June 30, 1995. In the third quarter of 1994, the Corporation earned $169 million, or $1.98 primary earnings per share. "During the third quarter, our focus on the development of strong and enduring client relationships continued in full force," said Chairman Charles S. Sanford, Jr. "This effort, which has great potential for helping to build future profits, is already producing hoped-for results. In that regard, especially significant in the third quarter were a swing of $50 million in net income in our client financial risk management business and an exceptionally strong profit contribution from merchant banking investments. In addition, the doubling of combined trading and trading- related net interest revenue from the second quarter resulted from improved performance in both our proprietary and client-driven trading activities. "Also contributing to the 14% return on equity was further progress in implementing the Firm's expense reduction programs, which are on track for producing savings of $200 million this year and $275 million in 1996. In all, the quarter's results reflect continued and strong progress toward the return to competitive earnings that has been management's goal for 1995." Revenue Net interest revenue totaled $204 million, down $60 million, or 23%, from the third quarter of 1994 and down $18 million, or 8% from the second quarter of 1995. The third quarter of 1995 included $20 million of trading-related net interest revenue, down $92 million and $37 million from the third quarter of 1994 and second quarter of 1995, respectively. A significant portion of the Firm's trading and risk management activities involve positions in interest rate instruments and related derivatives. The revenue from these activities can periodically shift between trading and net interest, depending on a variety of factors, including risk management strategies. Therefore, the Corporation views trading revenue and trading-related net interest revenue together, which are presented below.
Trading- Related Net Trading Interest (in millions) Revenue Revenue Total Third Quarter 1995 $257 $20 $277 Second Quarter 1995 $79 $57 $136 Third Quarter 1994 $278 $112 $390
Although the results were below those of the same period in 1994, the doubling of combined trading revenue and trading-related net interest revenue from the second quarter of 1995 is evidence of the transition towards improvement in profitability. The current quarter's results were primarily attributable to higher revenue from both client-related and proprietary trading in foreign exchange markets and the continued improvement in performance of the Firm's client derivatives business. Trading results in the emerging markets of Asia and Latin America were comparable to the second quarter of 1995, but were lower than the prior year's exceptionally strong results. Fiduciary and funds management revenue totaled $174 million for the third quarter, down $14 million, or 7%, from the same period last year. The decrease in revenue was due primarily to a decline in transaction volumes in global fiduciary services. The $174 million of revenue for the third quarter was up $8 million, or 5%, from the second quarter of 1995. This increase was attributable to higher fiduciary revenue from retirement services and securities lending activities. Fees and commissions of $152 million decreased by $11 million, or 7%, from the third quarter of 1994. Corporate finance fees of $74 million decreased by $2 million, or 3%, from the same period last year. Lower revenue from commercial banking and securities underwriting fees were partially offset by higher revenue from financial advisory and loan syndication activities. Compared with this year's exceptionally strong second quarter, fees and commissions were down $59 million, or 28%, as corporate finance fees decreased by $53 million, or 42%, as a result of lower revenue from loan syndication and private placement fees. The Corporation's securities available for sale gains were $10 million, compared with $28 million in the prior year's third quarter and $17 million in the second quarter of 1995. Other noninterest revenue totaled $162 million, up $112 million from the prior year's quarter. The largest component of this increase was an $81 million rise in net revenue from client-related equity investment transactions, as the current quarter included a $62 million gain on the sale of a portion of the Corporation's merchant banking investment in Northwest Airlines. Also contributing to the increase in other noninterest revenue was higher insurance premium revenue from operations in Chile. The 1994 third quarter had included charges related to the funds management business. The $162 million of other noninterest revenue for the third quarter of 1995 was up $48 million, or 42%, from the second quarter of 1995, primarily as a result of the above-mentioned net revenue from equity investment transactions. Expenses Total noninterest expenses of $728 million increased by $15 million, or 2%, from the third quarter of 1994. Incentive compensation and employee benefits expense decreased $10 million, or 5%. Salaries expense decreased $4 million, or 2%, from the third quarter of 1994, mostly due to a 2% decrease in the average number of employees. The number of full time staff at September 30, 1995 was 13,808, a net decrease of 721 from December 31, 1994. Management has implemented expense reduction programs designed to reduce overall operating expenses -- principally noninterest expenses before bonus, policyholder benefits and minority interest. The Corporation previously announced that it would be reducing these expenses, as compared to the annualized fourth quarter 1994 amounts, by approximately $200 million in 1995 and approximately $275 million in 1996. All other expenses totaled $345 million for the quarter, up $29 million, or 9%, from last year's third quarter. The provision for policyholder benefits and professional fees accounted for this increase. Asset Quality The provision for credit losses was $7 million for the current quarter, compared with $17 million in the prior year's third quarter and no provision in the second quarter of 1995. Net charge-offs for the quarter were $218 million, compared with $28 million a year ago. The current quarter included leveraged derivative contract charge-offs of $205 million against the allowance for credit losses. During the fourth quarter of 1994, $423 million of leveraged derivative contracts that had been reclassified as receivables in the loan portfolio were placed on a cash basis. Of this amount, $72 million was then charged-off leaving a balance of $351 million. Since then some of these receivables have been satisfactorily settled, but in line with the Corporation's credit policies, a $205 million portion of the remaining balance has been charged-off. This action does not reflect a change in our stated intention to vigorously seek collection in full of the receivables owed to the Corporation. Largely as a result of this action, cash basis loans decreased by $173 million, or 19%, to $752 million during the third quarter. The allowance for credit losses at September 30, 1995, was $1.032 billion, representing 137% of cash basis loans. The allowance for credit losses is available for credit losses arising from the Corporation's portfolio, which is comprised of loans, credit-related commitments, derivatives and other financial instruments. In the opinion of management, the allowance, when taken as a whole, is adequate to absorb reasonably estimated credit losses inherent in the Corporation's portfolio, as defined above. Nine Months Results For the first nine months of 1995, the Corporation earned $124 million, or $1.09 primary earnings per share, excluding an after-tax provision for severance-related costs of $35 million taken in connection with the Corporation's expense reduction programs. Net income for the first nine months, including the effect of this provision, was $89 million, or $.66 primary earnings per share. For the nine months ended September 30, 1994 the Corporation earned $514 million, or $5.97 primary earnings per share. Capital Total stockholders' equity at September 30, 1995 was $5.061 billion, an increase of $357 million compared to December 31, 1994 and an increase of $172 million compared to June 30, 1995. The Corporation estimates that its ratios of Tier 1 Capital and Total Capital to risk-adjusted assets were approximately 8.00% and 12.90%, respectively, at September 30, 1995. The Leverage Ratio was 5.50% at that same date. For additional information, contact Douglas Kidd, (212) 454-3532 or Tom Parisi, (212) 454-1686 (Media); Howard Schneider (212) 250-3609 (Investors). BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES FINANCIAL STATISTICS ($ in millions, except per share data) (unaudited)
Second Third Quarter Quarter Nine Months 1995 1994 1995 1995 1994 Net income $155 $169 $91 $89 $514 Per common share Primary earnings $1.72 $1.98 $.98 $.66 $5.97 Fully diluted earnings $1.71 $1.98 $.98 $.65 $5.97 Cash dividends declared $1.00 $.90 $1.00 $3.00 $2.70 Book value (1) $51.72 $54.08 $49.80 Profitability ratios Return on average common stockholders'equity 13.51% 14.64% 7.84% 1.72% 15.11% Return on average total assets .56% .66% .33% .11% .66% Net interest revenue (fully taxable basis) $215 $282 $231 $643 $1,003 Average rates (fully taxable basis) Yield on interest-earning assets 7.56% 6.70% 7.53% 7.40% 6.58% Cost of interest-bearing liabilities 6.91% 5.31% 6.70% 6.63% 4.99% Interest rate spread .65% 1.39% .83% .77% 1.59% Net interest margin 1.04% 1.54% 1.14% 1.07% 1.77% Average balances Loans $11,714 $11,755 $10,776 $11,391 $12,443 Total interest-earning assets $82,288 $72,493 $81,393 $80,651 $75,848 Total assets $109,360 $102,356 $109,773 $107,895 $104,431 Total interest-bearing liabilities $77,668 $70,402 $77,674 $77,00 $73,150 Common stockholders' equity $4,082 $4,364 $4,044 $4,110 $4,352 Total stockholders' equity $4,946 $4,812 $4,735 $4,790 $4,738 At end of period Common stockholders' equity to total assets 4.04% 4.03% 3.91% Total stockholders' equity to total assets 4.87% 4.40% 4.75% Risk-based capital ratios (2) Tier 1 Capital 8.00% 8.22% 8.64% Total Capital 12.90% 13.48% 13.93% Leverage Ratio 5.50% 5.54% 5.52% Employees 13,808 14,221 13,787 N/M Not meaningful. (1) This calculation includes the effect of common shares issuable under deferred stock awards. (2) Regulatory capital ratios at September 30, 1995 are preliminary.
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES FINANCIAL STATISTICS (CONT'D) (in millions) (unaudited)
September 30, June 30, 1995 1994 1995 Nonperforming assets Cash basis loans Secured by real estate $394 $365 $412 Real estate related 23 27 25 Highly leveraged 148 188 110 Other 187 111 378 Refinancing country - 2 - Total cash basis loans $752 $693 $925 Renegotiated loans Secured by real estate $ 89 $13 $ 89 Other nonrefinancing country 12 1 12 Total renegotiated loans $101 $14 $101 Other real estate $281 $330 $263 Other nonperforming assets $64 $67 $64
Third Quarter Nine Months 1995 1994 1995 1994 Allowance for credit losses Balance, beginning of period $1,243 $1,340 $1,252 $1,324 Net charge-offs Charge-offs 223 37 270 75 Recoveries 5 9 29 63 Total net charge-offs* 218 28 241 12 Provision for credit losses 7 17 21 17 Balance, end of period $1,032 $1,329 $1,032 $1,329 *Components: Secured by real estate $ 9 $ 12 $ 12 $ 24 Real estate related - 20 2 22 Highly leveraged 6 1 28 (8) Other 203 - 207 9 Refinancing country - (5) (8) (35) Total $218 $ 28 $241 $ 12
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (in millions, except per share data) (unaudited)
Increase THREE MONTHS ENDED SEPTEMBER 30, 1995 1994 (Decrease) NET INTEREST REVENUE Interest revenue $1,556 $1,207 $349 Interest expense 1,352 943 409 Net interest revenue 204 264 (60) Provision for credit losses 7 17 (10) Net interest revenue after provision for credit losses 197 247 (50) NONINTEREST REVENUE Trading 257 278 (21) Fiduciary and funds management 174 188 (14) Fees and commissions 152 163 (11) Securities available for sale gains 10 28 (18) Other 162 50 112 Total noninterest revenue 755 707 48 NONINTEREST EXPENSES Salaries 196 200 (4) Incentive compensation and employee benefits 187 197 (10) Occupancy, net 41 40 1 Furniture and equipment 40 42 (2) Other 264 234 30 Total noninterest expenses 728 713 15 Income before income taxes 224 241 (17) Income taxes 69 72 (3) NET INCOME $ 155 $ 169 $(14) NET INCOME APPLICABLE TO COMMON STOCK $ 139 $ 161 $(22) EARNINGS PER COMMON SHARE: PRIMARY $1.72 $1.98 $(.26) FULLY DILUTED $1.71 $1.98 $(.27) Cash dividends declared per common share $1.00 $.90 $.10
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (in millions, except per share data) (unaudited)
Third Second Quarter Quarter Increase 1995 1995 (Decrease) NET INTEREST REVENUE Interest revenue $1,556 $1,520 $ 36 Interest expense 1,352 1,298 54 Net interest revenue 204 222 (18) Provision for credit losses 7 - 7 Net interest revenue after provision for credit losses 197 222 (25) NONINTEREST REVENUE Trading 257 79 178 Fiduciary and funds management 174 166 8 Fees and commissions 152 211 (59) Securities available for sale gains 10 17 (7) Other 162 114 48 Total noninterest revenue 755 587 168 NONINTEREST EXPENSES Salaries 196 194 2 Incentive compensation and employee benefits 187 135 52 Occupancy, net 41 38 3 Furniture and equipment 40 40 - Other 264 271 (7) Total noninterest expenses 728 678 50 Income before income taxes 224 131 93 Income taxes 69 40 29 NET INCOME $ 155 $ 91 $ 64 NET INCOME APPLICABLE TO COMMON STOCK $ 139 $ 79 $ 60 EARNINGS PER COMMON SHARE: PRIMARY $1.72 $.98 $.74 FULLY DILUTED $1.71 $.98 $.73 Cash dividends declared per common share $1.00 $1.00 $-
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (in millions, except per share data) (unaudited)
Increase NINE MONTHS ENDED SEPTEMBER 30, 1995 1994 (Decrease) NET INTEREST REVENUE Interest revenue $4,429 $3,673 $ 756 Interest expense 3,821 2,730 1,091 Net interest revenue 608 943 (335) Provision for credit losses 21 17 4 Net interest revenue after provision for credit losses 587 926 (339) NONINTEREST REVENUE Trading 258 416 (158) Fiduciary and funds management 511 563 (52) Fees and commissions 508 540 (32) Securities available for sale gains 29 51 (22) Other 378 279 99 Total noninterest revenue 1,684 1,849 (165) NONINTEREST EXPENSES Salaries 598 566 32 Incentive compensation and employee benefits 455 561 (106) Occupancy, net 120 115 5 Furniture and equipment 122 118 4 Provision for severance-related costs 50 - 50 Other 795 682 113 Total noninterest expenses 2,140 2,042 98 Income before income taxes 131 733 (602) Income taxes 42 219 (177) NET INCOME $ 89 $ 514 $(425) NET INCOME APPLICABLE TO COMMON STOCK $ 53 $ 492 $(439) EARNINGS PER COMMON SHARE: PRIMARY $.66 $5.97 $(5.31) FULLY DILUTED $.65 $5.97 $(5.32) Cash dividends declared per common share $3.00 $2.70 $.30
BANKERS TRUST NEW YORK CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET ($ in millions, except par value) (unaudited)
September 30, December 31, 1995 1994 ASSETS Cash and due from banks $ 1,715 $ 1,985 Interest-bearing deposits with banks 1,605 3,390 Federal funds sold 29 2,544 Securities purchased under resale agreements 16,081 9,943 Securities borrowed 7,467 6,197 Trading assets 50,364 47,514 Securities available for sale 7,140 7,475 Loans 12,786 12,501 Allowance for credit losses (1,032) (1,252) Premises and equipment, net 900 915 Due from customers on acceptances 461 378 Accounts receivable and accrued interest 3,168 2,356 Other assets 3,265 3,070 Total $103,949 $97,016 LIABILITIES Deposits Noninterest-bearing In domestic offices $ 2,898 $ 3,285 In foreign offices 522 541 Interest-bearing In domestic offices 5,052 5,769 In foreign offices 15,685 15,344 Total deposits 24,157 24,939 Trading liabilities 24,672 20,949 Securities sold under repurchase agreements 17,899 15,617 Other short-term borrowings 16,573 18,222 Acceptances outstanding 461 378 Accounts payable and accrued expenses 4,351 3,174 Other liabilities 2,171 2,328 Long-term debt 8,354 6,455 Total liabilities 98,638 92,062 PREFERRED STOCK OF SUBSIDIARY 250 250 STOCKHOLDERS' EQUITY Preferred stock 865 395 Common stock, $1 par value Authorized, 300,000,000 shares Issued, 83,678,973 shares 84 84 Capital surplus 1,301 1,317 Retained earnings 3,295 3,494 Common stock in treasury, at cost: 1995, 5,085,045 shares; 1994, 5,609,707 shares (373) (416) Other (111) (170) Total stockholders' equity 5,061 4,704 Total $103,949 $97,016
EX-99.2 3 FRANK NEWMAN NAMED TO SUCCEED CHARLES SANFORD AS BANKERS TRUST CHAIRMAN AND CEO New York, Oct. 19, 1995 -- The Board of Directors of Bankers Trust New York Corporation announced today that Frank N. Newman has been unanimously elected to succeed Charles S. Sanford, Jr., as chairman and chief executive officer of both the Corporation and its principal banking subsidiary, Bankers Trust Company. Mr. Newman was elected president today and will assume the chief executive responsibilities on January 1, 1996. He will become chairman and CEO upon Mr. Sanford's retirement on April 16, 1996, following the Corporation's annual meeting of shareholders. Eugene B. Shanks, Jr., has advised the Board of his decision to resign as president and as a director of Bankers Trust effective immediately. "I appreciate the confidence that the Board has shown in me, and I welcome the challenge that comes with this responsibility," said Mr. Newman. "I look forward to working with the exceptionally talented, innovative and dedicated people who are Bankers Trust. As we build on Charlie Sanford's considerable achievements, our principal commitment will be to serve our clients faithfully, with the highest standards of professionalism, and our strongest conviction will be that, for Bankers Trust, the best is yet to be." Speaking for the Board, Director Hamish Maxwell said, "Frank Newman has demonstrated leadership qualities of the highest order during his distinguished career as a banking executive and as a senior government official. We are confident that the future leadership of Bankers Trust is being placed in extraordinarily competent hands. We had hoped that Gene Shanks would decide to continue his service with Bankers Trust, but we understand his decision and accept it with regret." - more - "I am disappointed, of course, that I will not have the opportunity to serve as Bankers Trust's CEO, but I will leave with a sense of accomplishment that comes from having made a contribution to the building of a strong and durable franchise, with great memories from my association with a group of exceptional people over the past 20 years, and with anticipation of new and different challenges ahead," said Mr. Shanks. Mr. Sanford, who announced in May of this year his plans to retire, said "Bankers Trust brings great strengths to the challenges that lie ahead: financial strength, product strength and diversity, strong local operations that form a world class global network, superb people and, in Frank Newman, an outstanding leader." Mr. Newman, who is 53 years old, served until last month in the Clinton Administration as deputy secretary of the Treasury under Secretaries Lloyd Bentsen and Robert Rubin. He was also chief operating officer for the Treasury Department's operating bureaus, policy offices and 160,000 employees. In recognition of his service to Treasury, Mr. Newman received the Alexander Hamilton Award, the highest honor bestowed upon department officials by the Secretary of the Treasury. He joined Treasury after 24 years in the banking industry, most recently with BankAmerica Corporation, where he was vice chairman of the Board and chief financial officer and where he played a key role in that company's growth and success from 1986 to 1993. - 30 - For additional information, contact Doug Kidd, Bankers Trust, 212-454-3532. BANKERS TRUST NEW YORK CORPORATION 280 PARK AVENUE NEW YORK, NEW YORK 10017 Geoffrey M. Fletcher Senior Vice President and Principal Accounting Officer October 19, 1995 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 October 19, 1995 (the "Form 8-K"). The Form 8-K is being filed electronically through the EDGAR System. Very truly yours, BANKERS TRUST NEW YORK CORPORATION /s/ By: GEOFFREY M. FLETCHER Geoffrey M. Fletcher Senior Vice President and Principal Accounting Officer -----END PRIVACY-ENHANCED MESSAGE-----