Top Firm Said To Be Axing 'Several Hundred' Staff

The Times reports that 'beleaguered' German bank WestLB looks set to cut 'several hundred' more staff, most likely in Asia and South America, as it comes to terms with first-half losses of £252.7m after further loan provisions. The bank posted a £1.2bn pre-tax loss in 2002. More job cuts in Germany are also thought to be on the cards.

Reuters reports that when WestLB interim chief executive Johannes Ringel was asked about further job cuts at the bank earlier this week, he said: 'Unfortunately, I have to say yes, we will have to reduce (employees). In the last year and a half we cut 1,600 jobs globally, from 8,700 to 7,100, but that is not the end of it yet'.
The bank is also said to be seriously considering the sale of its high-profile Principal Finance Unit, run by Robin Saunders, although is thought to be in no hurry to do so.

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