The powers that be at Dresdner Kleinwort Wasserstein are no doubt raising their eyebrows and saying: “I told you so.”
Eighteen months ago, the bank merged its debt and equity operations, only to encounter cynical suspicions that it was a cost-cutting initiative. Now its move is being replicated by Goldman Sachs.
Staff at Goldman have been expecting this for a while. First, the human resources operations for the equities group and for the fixed income, currencies and commodities (FICC) group were merged.
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