Bankers Trust Corp., now a part of Deutsche Bank AG, said it lost $1.95 billion in the second quarter and $1.8 billion in the first half because of heavy trading losses and one-time charges, according to a report filed Monday with the Securities and Exchange Commission.
Bankers Trust disclosed its quarterly results because it functioned as an independent company for all but three weeks of the quarter before Frankfurt-based Deutsche Bank took it over. The $91.9 billion-asset New York bank recorded a $459 million restructuring charge, mostly accounting for severance related to the merger. In addition, $1.1 billion was set aside for bonuses and special compensation.
The bank said it lost $407 million in trading during the second quarter, compared with revenues of $37 million in the same quarter last year. Corporate finance fees shrank 37%, to $245 million. Overall, noninterest revenues collapsed to $8 million, from $1.18 billion in the corresponding period last year. -- Liz Moyer