Bankers Trust to Sell California Business
Bankers Trust New York Corp. said Tuesday that it was selling its San Francisco-based trust business to First Bank System Inc.
The price was not disclosed. The deal is expected to close in the first quarter of 1992.
The unit offers corporate trust, agency, and program administration services to California municipal bond issuers. A Bankers Trust spokesman said those business lines are not as profitable as other trust areas that the bank focuses on.
The sale will reduce the Bankers Trust work force by 75 fulltime employees, or 16.6% of its corporate trust employees.
With the sale, Bankers Trust will no longer have any operations in San Francisco.