The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65 - Insurance, reinsurance and pension funding, except compulsory social security
100 - 300 jobs Number of planned job losses
Announcement Date
22 June 2006
Employment effect (start)
Foreseen end date
Description
Investment bank Dresdner Kleinwort Wasserstein is to cut between 100 and 300 of its staff in London. Most of the job cuts will be amongst back office staff. The announcement is part of a programme of 7,500 redundancies made by Allianz, a German-based insurer, and parent company of Dresdner Bank, under which Investment Bank Dresdner Kleinwort Wasserstein is included. 2,500 of the European wide redundancy programme will affect Dresdner Bank. Dresdner said it was too early to be precise about where its 2,500 share of the job losses would hit. But bankers suggested that about 100 could come in London, where half the group's global investment banking staff are based. The Guardian newspaper, however, suggested that the total number of job losses in London could come to 300.
Sources
23 June 2006: The Financial Times
23 June 2006: The Guardian
Citation
Eurofound (2006), Dresdner Kleinwort Wasserstein (DrKW), Internal restructuring in United Kingdom, factsheet number 63669, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63669.
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