Investment bankers DrKW set to axe 1,000 staff

The blow is expected to fall most heavily in the bank's operations outside Europe, especially in Asia. The planned cuts represent at least 12% of DrKW's 8,500 staff.

The move is part of a restructuring that accompanies Allianz's decision to integrate DrKW fully and abandon plans to give it a separate stock market listing.

Investment bankers at DrKW are said to be furious because many were encouraged to stay during the turmoil of the past two years by the expectation of owning shares after a listing.

Bruce Wasserstein, chairman of DrKW, and other former Wasserstein Perella employees are understood to be free to leave Dresdner after the takeover by Allianz accelerated pay-outs due to them.