Dresdner Bank is set to cut hundreds of back office jobs at its recently merged corporate clients and investment banking unit, according to a report by German newspaper Frankfurter Allgemeine Zeitung.
The unit was formed by the merger of Dresdner's investment banking division, Dresdner Kleinwort Wasserstein (DrKW), with its corporate clients unit last year.
The German newspaper says there is an imbalance between front and back office operations among the 6500-7000 staff working in the merged unit. For every client-facing employee, there are currently about 3.5 back office or administrative posts.
The bank is looking to cut the ratio to 2.5 by either raising the number of front office employees at the unit or by cutting administration staff in the back office.
Dresdner Bank declined to comment on the report.