Dresdner Kleinwort Wasserstein, the investment banking arm of Germany's Dresdner Bank is claiming it has successfully fought off an aggressive raid by Credit Suisse First Boston on as many as 20 of its equity and fixed income staff in Frankfurt.

A spokesman for Dresdner Kleinwort Wasserstein said: "We are confident that we will retain the majority of the people we want to retain by the time the dust has settled."