Dresdner Bank to restructure its investment banking business

Dresdner Bank, which last year bought Kleinwort Benson of the UK for pounds 1bn, yesterday announced a restructuring of its investment banking business, writes Jill Treanor.

It plans to run its corporate finance and equities business from London, and make all its bonds, derivatives and foreign exchange staff report to Frankfurt. The reorganisation, which affects hundreds of bonds, derivatives and foreign exchange staff, and 150 corporate financiers and equities personnel, is likely to involve some movement of employees between the two cities.

The details have not been finalised and it is unclear who will head the corporate finance and equities businesses out of London. The current heads of corporate finance and equities in London are Tim Shacklock and Alan Yarrow, while their counterparts in Frankfurt are Michael Rohleder and Olaf Shuth.

The German bank said the moves were based on the expertise of the two operations. A big player in the foreign exchange, derivatives and bond markets, Dresdner bought Kleinwort for its corporate finance and stockbroking capabilities.