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GERMANY: Dresdner Bank Subsidiary to Cut 1000 Jobs
Posted By: hobie Date: Friday, 27-Jul-2001 11:16:22
www.rumormill.news/10328
In Response To: Germany - Allianz-Dresdner Deal Spurs Hope (hobie)
: Economists expect a wave of mergers and acquisitions when the
: country eliminates capital gains tax next January.
: But, as the Allianz deal indicates, companies are already
: jockeying to line up deals.
Dresdner Bank subsidiary reportedly plans to cut 1,000 jobs
FRANKFURT, Germany
(July 27, 2001 09:33 a.m. EDT ) - The investment banking arm of Dresdner Bank is planning to cut 1,000 jobs worldwide and to cut back severely its operations in Asia, according to media reports Friday.
Dresdner Bank declined to comment on the reports about its subsidiary, Dresdner Kleinwort Wasserstein. The cuts would represent about 12 percent of the firm's 8,500 employees and would affect positions mainly outside Europe, the Financial Times reported.
The investment bank will cut staff in the United States, German business daily Handelsblatt reported.
Insurance giant Allianz took over Dresdner earlier this year and had previously said it planned to float the investment banking arm in a public offering within a few years.
However, the Financial Times said the job cuts were part of a restructuring. It said Allianz is abandoning plans for a stock sale and is integrating Dresdner Kleinwort Wasserstein fully into the company.
News Copyright © 2001 Interest!ALERT
-----
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RMN is an RA production.
Articles In This Thread
- Markets Swooning as of 1 p.m.
hobie -- Monday, 2-Apr-2001 13:36:46
- Gold, Silver down, Yen weaker, Euro stronger
hobie -- Monday, 2-Apr-2001 13:44:33
- REMEMBER THAT GOLD TRANSFER I WAS INVOLVED IN?
Rayelan -- Monday, 2-Apr-2001 18:55:38
- Germany - Allianz-Dresdner Deal Spurs Hope
hobie -- Monday, 2-Apr-2001 14:48:53
- GERMANY: Dresdner Bank Subsidiary to Cut 1000 Jobs
hobie -- Friday, 27-Jul-2001 11:16:22
- Update at Market Close
hobie -- Monday, 2-Apr-2001 16:38:34
- DRESDNER: Tuesday US Data Could Spark Selloff
hobie -- Friday, 3-Aug-2001 10:47:13
- FINANCIAL COLLAPSE MEANS WAR!
RMNEWS -- Friday, 3-Aug-2001 11:45:53
- PREDICTS 20% LOSS NEXT WEEK
Meroveus -- Friday, 3-Aug-2001 14:25:11
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