Dresdner cuts more banking jobs

11 December 2007

Investment bank Dresdner Kleinwort has announced that it will be the latest financial institution to cut jobs due to the credit crunch.

The German bank made more job cuts yesterday, with over 200 positions in jeopardy in coming weeks.

Most of the staff affected were in London, where 60 members of the credit team will be made redundant, according to the Telegraph.

Another 150 workers are expected to go and although staff fear 350 cuts will be made, sources close to the bank told the newspaper that it would not be as many.

Mark Richardson and Neil Walker, senior credit bankers at Dresdner Kleinwort, left the bank last month after parent Allianz reported millions of dollars in writedowns.

Dresdner's chief executive, Stefan Jentzsch, warned at the time that a high number of redundancies were on the cards.

This news comes after UBS announced it was cutting 1,500 jobs, Bear Stearns is losing 65 bankers and rumours abound that Merrill Lynch is planning mass redundancies.

Dresdner itself let around 125 workers go this time last year after year-end reviews.

Britain's Centre for Economics and Business Research predicted in October that 6,500 fewer bankers will be working in the City of London in 2008.