WestLB AG is a commercial bank domiciled in North Rhine-Westphalia, Germany's most densely populated federal state and it is one of Germany┬┤s leading providers of financial services.

 Page 2 


More Hiring & Firing News

Bloomberg reports that Minneapolis-based investment bank Piper Jaffray is to cut around 40 of the 70 staff it currently employs in London, as its business model 'was impacted by the lack of capital raisings by...small and mid-cap clients'.


Firm Expected To Cut 4,000 Staff

The Wall Street Journal reports that Germany's WestLB, which almost collapsed during the financial crisis 'has accepted European Union demands that it reduce its balance sheet and operations, with the lender expected to cut 80%' of its 5,000 staff.

Deutsche, Morgan Stanley, WestLB, UBS

Deutsche Bank and UBS have been served with $2.7bn in damage claims in connection with the collapse of Italian dairy company Parmalat. Italian authorities have alleged that the banks provided false information about the company's financial position before it was forced into bankruptcy in late 2003. Both banks say that the allegations are false.

Another Alleged Massive 'Scr.w Up' At German Bank

More embarrassment, it seems, over at WestLB. Just a week after the German bank let go two senior traders following a $134m loss allegedly sustained on trading shares in German carmaker Volkswagen, the bank has confirmed that it had inadvertently taken a 14% stake in carmaker DaimlerChrysler worth some $12bn.

WestLB To Cut In Financial Markets

The Times reports that the 400 people who work in global financial markets at WestLB in London have been advised that 15% of them will soon lose their jobs. The proposed cut follows swiftly on the 120 reduction in headcount on the equities side at WestLB Panmure.