Investment bank Dresdner Kleinwort is set to be the latest financial institution to cut jobs as a result of the credit crunch, the Telegraph reports.
The German bank made further job cuts yesterday, with over 200 positions sitting precariously in the coming weeks. Most of the affected staff were those in London, where 60 members of the credit team will be made redundant.
Another 150 workers are predicted to go and although staff are expecting up to 350 more jobs will be lost, 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 its parent, Allianz, reported millions of dollars in writedowns. Dresdner’s CEO, Stefan Jentzsch, said at the time that a high number of redundancies were likely.
The 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.
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.