Dresdner Kleinwort Wasserstein, the investment banking unit of Dresdner Bank, which was bought by Dresdner bank in in 2000, will not go public, Dresdner's chief executive said on Thursday.
CEO Herbert Walter told a conference call that the Dresdner Kleinwort unit was not a "stock-exchange capable unit," in response to a journalist's question.
Walter said the bank's plans were to integrate investment banking more closely with the rest of Dresdner's operations.
Earlier today Dresdner's parent company, Allianz, announced it was cutting 7,500 jobs, including 2,500 at Dresdner.
Update: The latest reports say that DKW will lose about 300 jobs and the last name from its masthead.
Dresdner CEO- investment bank arm not IPO candidate [Reuters]