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Dresdner bankers not so bad after all

Surprise news – several headhunters suggest some of Dresdner Kleinwort’s bankers are actually quite high calibre. Many of them may even be employable elsewhere. This is handy as Commerzbank’s apparently planning to dump 1,000 of them. Then again, headhunters may be lying.

According to The Times, prop traders and equities staff are top of the list for the chop at Dresdner Kleinwort. Finextra is predicting IT and back-office staff will be extracted en masse. London structured credit teams will be eliminated entirely. Simon Maughan, banking analyst at MF Global, says leveraged loan professionals and UK cash equities and corporate finance staff are also likely to go.

Members of Dresdner’s equities team, some of whom were hired last year, must be feeling pretty peeved. But Jonathan Evans at equities search firm Sammons Associates says quite a few of them are eminently employable elsewhere.

The same, apparently, goes for other DK staff at risk. Bruce Lock at search firm Kinsey Allen says Dresdner’s leveraged finance operation involves a “small but good quality team”, which might be able to benefit from current “selective hiring”.

Dresdner’s UK corporate finance team, which has worked on 10 deals so far this year, according to Dealogic (down from 15 in the same period last year), is also said to have something going for it. “Some of those people have been around since Kleinwort Benson days and could move to Hawkpoint, Rothschild or Close Brothers,” says one headhunter.

Alert to the fact that some of its staff might be wanted elsewhere, Allianz is already said to have guaranteed bonuses at 75% of last year’s level.

At least one Dresdner banker remains loyal to the end “There’s still a bonus pool to look forward to, and that’s what I’m focused on at the moment,” he insists.

Comments (8)

  1. Why wait for a bonus when you probably won’t have a job. The last person you mention is either stupid or fictitious.

  2. Just hear that DKW are changing their logo temporaily to DMW- Dead Men Walking

  3. How about Don’t Keep Working.

  4. Working at Dresdner is worse than unemployment. Au revoir Dresdner – good riddance for bad rubbish.

  5. “employable elsewhere”, from the quality of people i’ve met from dresdner, I’d say there’s hope for them yet… i hear London Zoo is hiring.

  6. When people with families and mortgages are about to lose their jobs in the middle of a credit crunch and are trying to decide what to do about the next 3 months and their career, shouldnt people keep stupid flippant comments like these to themselves? Fritz – you work towards your bonus as the chances of a guaratee elsewhere are very slim at this time of year…..its not rocket science

  7. Jabs, nothing makes me happier than people losing their jobs and struggling with mortgages as my comparative standing is increased. They deserve everything they get for not being good enough and thus having to work at such a 3rd-tier joke of a bank. The quality of Dresdner people I’ve met is just horrendous.

  8. Henry, you definitely must have a serious inferiority complex and an acute self esteem problem (probably a result of too many stimulants, sleep deprivation and poor track record with the opposite sex). It is so easy and worthless to feel at the when everybody else is down. I am sure you could use a holiday in Cuba or Zimbabwe (the sort of ego kick you seem to need). Just keep your fingers crossed as no one is safe now. Who knows, your league table employer may be taken over by the Koreans, you may end up working for an ex-DK MD…Karma works in mysterious ways.

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