Kleinwort will face banking cutbacks


Dresdner Kleinwort is expected to announce significant cutbacks following the sale of its parent firm to Commerzbank, it has been reported.

Jobs are likely to go at the historic banking firm as its new owner has already established a similar position.

Owner, Allianz, approved the deal saying it is a “milestone in the consolidation of the German banking sector”.

However, of its current 2,500 employees, almost half could be find themselves looking for work, the Times has reported.

“Together, the two banks will be the German market leader for retail clients and medium-sized companies,” commented chief executive Michael Diekmann.

Martin Blessing, chairman of the board of managing directors said the deal would secure jobs for the long term “even though unfortunately we cannot keep all current positions”.

International banks are based in some of London’s premier commercial property locations including the City and Canary Wharf.ADNFCR-1329-ID-18757945-ADNFCR