Westdeutsche Landesbank has taken a £70m (€115m) hit against the value of its investment in West LB Panmure Ltd, the German bank's London stockbroking and corporate finance operation, according to filings at Companies House in the UK.

WestLB Panmure lost around £30m last year and most of the 375 London staff will receive little or no bonuses when they are announced later this week. Staff who work in fixed income will have done better, but this business is conducted elsewhere in the West LB corporate structure, not in the old Panmure broking division.