GERMANY - Key leveraged team members leave Dresdner Kleinwort

Following Gebauer's departure at the end of this week, Chris Day, head of leveraged finance at Commerzbank Corporates & Markets, will take responsibility for the Dresdner Kleinwort team. Gebauer on the other hand is expected to make a return to leveraged finance midway through the year.

Last year, Commerzbank acquired Dresdner Bank for EUR 8.8bn from Allianz and subsequently announced significant restructuring measures at Dresdner's investment arm Dresdner Kleinwort. According to market reports Commerzbank is anticipating cost savings amounting to EUR 5bn by 2012, largely through redundancies in Germany and freeing up of capital from Dresdner Kleinwort.

Gebauer's move is believed to be unrelated to these measures.

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