Corporates and markets, the combined Dresdner Kleinwort Wasserstein and Dresdner Bank's corporate banking business, has posted a pre-tax loss of €505m ($444m) in 2001 and is in the process of cutting investment banking jobs.

The bank blamed loan loss provisions - particularly in the US - and the first-time consolidation of Wasserstein Perella, the US boutique that it bought in 2000, for the losses. Bruce Wasserstein quit the firm last year.