Commerzbank to cut 9000 jobs

Sep 1 - Commerzbank plans to slash around 9000 jobs and cut around 2 billion euros in costs after buying its competitor Dresdner Bank from insurer Allianz.

The $14.5 billion all-German deal puts a price tag of almost 10 billion euros on Dresdner, just a fraction of the 24 billion Allianz paid for it in 2001.

Commerzbank will buy its competitor in two steps, as it hopes to break the banking mould in Germany and create a rival to Deutsche Bank in Europe's biggest economy.

But analysts and investors remain sceptical about whether the pairing of what some regard as two mediocre performers could create a financial champion.

Joanna Partridge reports.