The private wealth mangement arm of Germany's Dresdner Bank is expected to make job cuts as a result of its parent's €9.8bn ($14.4bn) merger with Commerzbank.

Up to 9,000 jobs are expected to go as a result of the merger between the German banks, which was agreed over the weekend by insurer Allianz, owner of Dresdner. The majority, 6,500, will be in Germany with the rest mainly in London.