WestLB Panmure, the equity business of WestLB, the state-owned German bank, is to return to its former Panmure and WestLB brands, as part of a restructuring plan to cut 600 jobs across the WestLB group.

Under the plan, which must be completed by the end of 2004, between 100 and 150 jobs are expected to go at WestLB Panmure's London brokerage, where total headcount is around 350. Financial News flagged up the prospect of imminent job losses at WestLB Panmure earlier this month. The exact number of job losses is yet to be determined as the bank is obliged to undergo a 90-day consultation process when the number of jobs at risk is more than 100.