What should be concluded from the integration of Dresdner Kleinwort Wasserstein into the main business of Dresdner Bank? What is going on at Allianz, the mighty German insurance group that owns Dresdner and DrKW?

What is clear is that from an early stage Allianz believed it had been hoodwinked into paying too much for Dresdner Bank and that it was little more than an albatross round its neck. With Dresdner came Dresdner Kleinwort Wasserstein, which sat in investment banking's second division and was famous for paying too much for Wasserstein Perella.