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Dresdner Bank Trims Jobs

Dresdner Bank will cut 4,700 jobs in the next two years in a drastic cost-cutting move. Germany's fourth largest bank aims to trim costs by €1 billion ($1.1 billion) by 2005, following lowered earnings at parent company Allianz AG. The bank had previously eliminated 11,000 positions bringing the job cuts to a total of 31 percent of the Frankfurt-based lender's workforce. The announcement marks the biggest staff cuts by any of Germany's four largest banks. The job cuts are the first move by Dresdner Chief Executive Herbert Walter to return Dresdner to profit. Allianz, Europe's largest insurer, today reported its first profit in five quarters after cutting costs and increasing premiums.