Manufacturers Hanover’s Cuts May Idle 1,000 : Banking: The huge financial institution also disclosed a one-time charge, but wouldn’t say how much.

Manufacturers Hanover Corp. said Thursday that it will take an unspecified one-time charge in the second quarter related to a restructuring that analysts say may result in the loss of more than 1,000 jobs.

The charge, which did not surprise analysts, stems from efforts to reduce expenses, according to a preliminary prospectus covering an offering of Manufacturers Hanover preferred stock.

Bank spokesman John Meyers had no comment on whether there would be layoffs.

Several analysts estimate that Manufacturers Hanover, the nation’s eighth-largest banking concern, is attempting to slash $100 million in annual expenses. To do so, they say, more than 1,000 jobs may have to be eliminated.

Manufacturers Hanover would not specify how large its charge might be, but the prospectus said it expects it to be less than operating earnings for the quarter.

In the regulatory filing, the bank said only that operating earnings for the quarter ending Saturday would be below the $96 million in operating earnings reported first quarter.

Manufacturers Hanover traditionally releases its second-quarter earnings report in late July, in conjunction with a regularly scheduled board of directors meeting. But full details of the restructuring plan might not be outlined until fall, industry watchers say.

Manufacturers Hanover in May announced a realignment that split its wholesale bank business into four groups, eliminating a layer of management. The move is expected to generate “significant annual savings,” the bank said.

Separately, the bank said it expects non-performing assets to increase by 15% “in the near future, principally as a result of problems being experienced by Donald J. Trump, one of the corporation’s major real estate customers.”

Trump missed a $30 million-interest payment due Manufacturers Hanover earlier this month.

Manufacturers Hanover and Trump’s other major banks--Citicorp, Chase Manhattan Corp. and Bankers Trust Co.--recently negotiated a $65-million, five-year bailout and debt-restructuring deal. It includes delayed payments on some debt.