Dresdner Kleinwort Wasserstein has started withdrawing from the equities business across Asia as part of parent Allianz's plan to pare back the bank's activities outside Europe.

The equities businesses being closed are in Hong Kong, Singapore, Taiwan, Korea, Malaysia and India. This, combined with a review of DrKW's other activities in the region, is expected to result in approximately 350 job losses. The latest cuts have not affected Tokyo.