All change at Dresdner

Dresdner Bank is to slash 1,980 jobs and its Wasserstein moniker from its investment banking arm as part of a wide-ranging restructuring by its parent company, German insurer Allianz.

A further 500 cuts will be made at German and domestic subsidiaries.

Financial News reports the cuts will come from middle and back-office jobs, half of which will be in processing and half in central and regional management functions. It is not known whether the cuts will affect Dresdner Kleinwort Wasserstein.

The investment bank will now be known simply as Dresdner Kleinwort and will be divided into two divisions: global banking and capital markets.

The bank said today it will bundle the bulk of its mid-cap corporate business into a new private and corporate clients division in a move aimed at "seizing the initiative in the competition for middle-market companies," according to the paper.

The move aims to boost revenues by €350m and cut costs by €250m in 2008.