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Investment bankers facing new cuts

12 April 2012

THE axe is hovering once again over City investment bank Dresdner Kleinwort Wasserstein. Bernd Fahrholz, chief executive of German parent Dresdner Bank said 3,000 jobs are to be cut in the corporate and markets division, including DKW, which has already shed 200 staff this year.

It is not yet known how many London jobs are at risk. Staff in New York, Germany and Tokyo are also in the firing line.

German insurer Allianz, which owns Dresdner, has reported a shock £236m loss for the second quarter of this year. It blamed most of the red ink on Dresdner.

Deutsche Bank, Germany's largest, reported a 35% rise in second-quarter pre-tax profits to £1.4bn. The figures, which showed a big rise in loan losses, were boosted by a one-off gain from the sale of its stake in Munich Re.

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