Dresdner sale to cost 1,000 London jobs

Up to half of Dresdner Kleinwort’s London workforce could be cut, part of Commerzbank’s plan to offload more than 9,000 worldwide employees. The Kleinwort name is also expected to go. The €9.8bn cash and shares Dresdner deal means Allianz will become the largest shareholder in Commerzbank, with about 30% of its stock. Allianz has also purchased Commerzbank's asset management entity Cominvest as part of the package. The Dresdner Bank transaction will take place in two steps and should be completed by the end of 2009 at the latest. Allianz CEO Michael Diekmann says the deal is the be...