After easily absorbing Alex. Brown & Sons, Bankers Trust New York Corp. expects somewhat rockier going with its next acquisition, chairman Frank N. Newman said.

The pending purchase of the European cash and equity businesses of Natwest Markets "is going to be harder than it was with Alex. Brown," Mr. Newman told a gathering of bank and financial analysts Thursday night. The $217 million deal, unveiled in December, is expected to close in the second quarter.

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