Dresdner Kleinwort - The End Of An Era
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All those memories - the abortive mergers with Deutsche Bank and Commerzbank (the first-time around), all that money paid just to use the Wasserstein name, all those employee relations claims, all those writedowns. Oh, how we'll miss Dresdner Bank's investment banking unit!
Here's the official press release:
'From 1 September, the brand name Commerzbank applies to all investment banking services of the Commerzbank Group.
The Dresdner Kleinwort brand name will no longer be used on a global basis and its employees and clients will belong either to Corporates & Markets or the Mittelstandsbank segment under the name of Commerzbank.
'Today represents an exciting milestone for Corporates & Markets and Commerzbank as a whole', comments Michael Reuther, Commerzbank Board Member responsible for investment banking. 'United by name, we can now fully embrace the new possibilities that come from combining our strengths and being part of the same firm. And we can really begin to show the benefits of the new Commerzbank to our clients'.
The end of the Dresdner Kleinwort brand represents the first division of Dresdner Bank to be renamed, following Commerzbank's acquisition of Dresdner earlier this year. It reflects the fast integration process that has been underway in the investment banking segment and which is on track for completion largely by the end of the year.
Today's brand name change applies to employee email addresses, building signage as well as letterhead and promotional materials. Infrastructural changes to harmonise client accounts, trading and settlement systems will be addressed in future steps still to come. Organisational structure change is also ongoing especially in Germany'.
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