* Sources say around 200 to be laid off
* Bank says is closing Japanese branch
(Adds details, background)
By Olesya Dmitracova and David Dolan
LONDON/TOKYO, March 17 Dresdner Kleinwort is
planning to lay off almost all of its employees in Japan, two
people familiar with the matter said on Tuesday, as the
investment bank is closing the local branch.
About 200 people would be made redundant, one of the sources
Dresdner Kleinwort, part of Dresdner Bank which was recently
bought by German peer Commerzbank AG (CBKG.DE), declined
The bank said earlier it is closing its Japanese branch.
"In Japan, Commerzbank has decided its future focus will be
corporate banking. As such, Dresdner Bank's Tokyo branch will be
integrated into the Commerzbank branch and ... Dresdner
Kleinwort (Japan) Limited will be closed," Dresdner Kleinwort
It added that most of its businesses in Japan will be wound
down, with the remainder transferred to other parts of
"We are in the process of communicating to our clients,
employees, and the local regulators on how this will be
achieved," the bank added.
One of the sources said the integration of Dresdner
Kleinwort's Japanese unit into the Commerzbank arm is expected
to be completed by the end of March, with the investment banking
businesses wound down over the following few months.
On March 5, Dresdner Bank said it would sell its Brazilian
subsidiary to a group of domestic investors as it scales back
The sale was part of "the new management's global review of
Dresdner's business activities prior to the full integration of
both banks", Dresdner said with reference to its acquisition by
(Additional reporting by Patricia Uhlig in Frankfurt;
editing by John Stonestreet)