Kleinwort Benson to Keep Name, Jobs After Commerzbank Deal - Report

Tom Burroughes Editor London 2 September 2008

Kleinwort Benson to Keep Name, Jobs After Commerzbank Deal - Report

UK-based private bank Kleinwort Benson is unlikely to lose its name or suffer a round of significant job cuts after its parent firm, Dresdner Bank, was sold by German insurance and financial conglomerate Allianz to Commerzbank for $9.8 billion ($14.26 billion), Kleinwort Benson’s chief executive said, according to the London Evening Standard.

“We haven't been told that we are going to lose the name,” said Robert Taylor. Mr Taylor added that he did not expect to have to slash jobs at his wealth management business as Commerzbank's own wealth management operations are much smaller.

“Private wealth is a core part of the Commerzbank strategy and we are part of a different reporting line from the investment bank. Commerzbank do have a private bank but by acquiring the Dresdner private bank side, it will be increasing its size by about four and a half times,” Mr Taylor said.

London faces further redundancies as Commerzbank prepares to cut its workforce at Dresdner’s London operation in its takeover of its German rival, according to media reports.

Commerzbank plans to slash up to 1,200 London jobs at Dresdner in businesses such as trading as well as in support functions. About 2,000 of Dresdner's 5,500 staff are employed in London.

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