Update On WestLB

With staff at the bank's UK stockbroking arm, Panmure UK, anxiously waiting to here who will buy them, CityNews takes a quick look at what else is happening at the bank.

Reuters reports that the bank is preparing to take further write-downs and make fresh provisions at Robin Saunders' Principal Finance Unit. The move is thought likely to delay any possible sale of this business.

Johannes Ringel, who has been acting chief executive officer of the bank, will now step down in favour of former Deutsche Bank management board member Thomas Fischer. Fisher, one-time tipped for the top job at Deutsche, will replace Ringel in January.

In the meantime, the bank continues to go about the business of shedding further staff through 2005. Last month it confirmed that an additional 1,800 jobs would be lost on top of the 1,600 previously announced. The bank posted a £1.2bn loss in 2002.

A spokesman for the bank has said that the second half of the current trading year will see the bank put in a stronger performance.

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