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Commerzbank AG, the second largest bank in Germany, will close Dresdner Kleinwort Ltd."s U.K. mergers and acquisitions advisory unit to cut 1,200 jobs in London. Commerzbank is giving up on this unit following the acquisition of Dresdner Bank AG, according to Commerzbank spokesman Reiner Rossmann.
When they acquired Dresdner Bank in September, Commerzbank said they would lay off a total of 1,300 people from their own investment banking division and from Dresdner Kleinwort, a subsidiary of Dresdner Bank. Dresdner Kleinwort ranks 13th among mergers & acquisitions consultants in UK. The acquisition of HBOS Plc., Britain"s largest mortgage bank, by Lloyds TSB Group Plc. is the latest transactions in which they were involved. According to the plan for the acquisition of Dresdner Bank by Commerzbank, the Dresdner Kleinwort brand will no longer exist. The securities division of Dresdner was established in 1786, when Hinrich Kleinwort started a company in Denmark to finance operations with England. In the same year, Robert Benson set up a company in Liverpool to do business with America. In 1995, Dresdner acquired Kleinwort Benson Group Plc.
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