Financial Services Industry
Industry: Email Alert RSS FeedIan Kerr's personal view: Phoenix could yet rise from the ashes.
Financial News, October, 2002
Byline: Ian Kerr
Dresdner Kleinwort Wasserstein has changed the palace guard. As readers will recall, Leonhard Fischer, the former DrKW chief executive, was nudged aside on September 26. Bernd Farholz, chairman of Dresdner Bank, immediately assumed responsibility for DrKW while he selected a new top management team.These were the darkest hours in DrKW's history. Because of the abysmal state of the investment banking industry, several German, Swiss and British financial newspapers, who should normally have been more restrained, promptly wrote that DrKW was effectively finished.
In their opinion, the powerful German parent company, Allianz, should simply close DrKW down. With few competitor investment banks hiring on a large scale, staff morale at DrKW...
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