Dresdner Kleinwort

  • 14 Sep 2007 at 11:15 AM
  • Banks

Dresdner’s Final Financial Solution

bismarck.jpg Malcolm Perry is suing Dresdner for $20 million, charging that the bank discriminated against his non-Germanic heritage. Perry, an Australian working in England, lost his job after Dresdner restructured its London office last year.
Actively involved in restructuring talks, Perry was surprised to hear from a more connected colleague (pictured) that “[Dresdner management] wants to turn it back to a German bank.”
One contentious point of the lawsuit is that Perry admits to leaving a restructuring meeting due to a hangover, at which point a series of unplanned discussions took place, including what to do with Perry’s drunk arse.
After the restructuring, Perry was canned, and six of the nine capital markets division managers were German (the remaining three just loved Hasselhoff, spoke German).
Dresdner insists that it is not trying to systematically eliminate non-Germans from its ranks, or the ranks of mankind.
In other news French banks are already surrendering their capital to Dresdner.
City banker not ‘German enough’ [BBC]

dksexdiscrim.jpgDresdner Kleinwort is no longer facing a class action lawsuit from six women who alleged the bank was discriminating against women. This morning the news broke that the bank had “read an out of court settlement” with the women. The terms are undisclosed so all we have is a vague outline—the bank didn’t admit to any wrongdoing, but the women are satisfied. We’re going to check with our brother blogger David Lat at AboveTheLaw, but we’re pretty sure that in this case satisfied is a technical legal term meaning “they got a bunch of money.”
Dresdner Kleinwort says U.S. anti-discrimination lawsuit is settled [Market Watch]

Dresdner Kleinwort Bloodbath: 5% of London Staff to Go

The good news is that Dresdner Kleiwort-hogs will get their bonuses before Christmas this year, instead of bank’s usual practice of waiting until March. The bad news was up in the headline above.

The job losses, which will affect up to 125 staff across the operation’s divisions, are part of its annual performance review. They will affect all grades of staff and all departments. Similar exercises are being carried out at the bank’s other centres in what sources called a “global exercise”.
Dresdner Kleinwort had said in June that it was planning job cuts as part of a cost-cutting drive to reduce its high cost-income ratio, which reached 90 per cent in 2005.
The atmosphere at the bank is thought to have been strained due to the cuts, which focus on individuals judged to have been performing.

The worst news: somewhere at least one of our readers is thinking, “Why do I care about operations people?”
Dresdner Kleinwort to axe 125 London staff [The Independent]