Dresdner Bank is laying off several hundred jobs in its corporate lending business, according to bankers in London, as part of a cost-cutting programme that has already hit its investment banking unit.

Bernd Fahrholz, Dresdner Bank's chairman, said in August that the bank would cut 3,000 jobs as part of a new "Turnaround 2003" plan that aims to make Dresdner profitable under Allianz, its German insurer parent.

Piers Townsend

Allianz

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The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

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Dresdner cuts corporate lending staff

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