Dresdner Kleinwort Wasserstein (DrKW) is expected to make around 1,000 job cuts globally as part of a restructuring plan initiated by Allianz, Dresdner Bank's owner.

The cuts, which started on Wednesday and are part of a 3,000-strong cull revealed in August, will affect a wide range of business lines and offices in several countries. The bank has already made clear its intention to exit unprofitable lending activities globally, while in the biggest financial centres, market conditions imply that equities and corporate finance will be pared back more than debt.