12 December 2017
visit www.aciworldwide.com

Back office big casualty in Dresdner shake-up

22 June 2006  |  5556 views  |  0 people

Dresdner Bank is axing 2480 jobs, half of which will be cut from its back office operations, in a shake-up by parent company Allianz that is expected to generate savings of EUR600 million at the bank by 2008.

In a statement, the bank says the 2480 jobs are to be cut by 2008 - half of them from its transaction and loan processing operations and half from central and regional management.

Dresdner expects the jobs cuts, which will cost EUR400 million, to yield savings of EUR250 million and boost income by EUR350 million.

The move will affect 1980 jobs at Dresdner's German operations and 500 at the bank's domestic and international subsidiaries.

As part of the revamp, Dresdner is creating three main divisions - private and corporate clients, investment banking and a business services unit which will house the bank's transaction processing, administration and and internal IT services.

The shake up will also affect staff at Allianz's City-based investment banking arm Dresdner Kleinwort Wasserstein (DrKW), although details on how many jobs could go at the unit were not given. However recent reports suggest that DrKW could reduce the number of back-office staff by almost a third, while boosting the number of front-office employees.

In a statement, Dresdner says: "The unsatisfactory starting position at DrKW – with a cost-income ratio of more than 90% in 2005 – will be improved."

As part of the shake-up DrKW is to drop Wasserstein from its name. The unit is also being restructured and will consist of a global banking division and a capital markets arm.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

DrKW to offer research by RSS

DrKW to offer research by RSS

26 May 2006  |  16444 views  |  0 comments
Dresdner Bank looking to cut back office jobs - report

Dresdner Bank looking to cut back office jobs - report

02 May 2006  |  4135 views  |  0 comments
Dresdner deploys Bolero trade finance technology

Dresdner deploys Bolero trade finance technology

07 November 2005  |  6288 views  |  0 comments
DrKW selects Propero for virtualisation project

DrKW selects Propero for virtualisation project

04 November 2005  |  9658 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit http://info.nice.comvisit www.atos.net

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11770 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
8605 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7052 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
6766 views comments | 19 tweets | 11 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
6596 views comments | 17 tweets | 35 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job