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Posted AT 1:32 PM EST on 01/09/08

Commerzbank to slash 9,000 jobs

JOHN O'DONNELL

Globe and Mail Update

FRANKFURT — Commerzbank outlined its plans to cut 9,000 jobs and shrink investment bank Dresdner Kleinwort to a rump after buying Dresdner Bank, but investors were unhappy about the $14.5-billion (U.S.) deal. Allianz is selling the bank in two tranches to create a stronger German number two behind Deutsche Bank. It is a deal that will trigger one of the biggest rounds of job cuts in banking since the markets crisis began.

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