The online news site states that the group's Vorstand (executive board) will meet this week to discuss the options available to it as the investment banking sector continues to be in the doldrums.
The reorgainisation is expected to focus on WestLB Panmure, where at least 50% of the 750 staff in London and Frankfurt are thought to be vulnerable to the axe.
One unnamed WestLB employee is quoted by Money.telegraph as saying: 'The bonus outlook is grim. It is probably much better to be fired.' Presumably it is thought that severance packages could be better than performance bonuses.
Jobs Cuts In London At WestLB
Money.telegraph reports that leading German banking group WestLB is expected to shed up to 25% in its London based securities business as the bank restructures its European operations.
'Gang Of One' - The True Story Of How A Successful Banker Coped With Prison Life
'The End Of Normal' - The Stigma Of Being A MadoffNews RSS Feed Like us on Facebook Linkedin Follow us on Twitter
Videos
Latest in Business
back-up- 'Old Traders' - Chapters I - VIII
- RBS Chairman Defends Stephen Hester's Near-£1m Bonus
- Here Is The City Hits New Readership High - 414,059 Unique Users
- Top Firm Said To Be Cutting Bonuses & Jobs
- BofA, BNY Mellon, MF Global, John Paulson, Allen Stanford
- UBS Faces Formal FSA Investigation After Kweku Adoboli Charges
- Ex-MF Global Chief Risk Officer Says He Expressed 'Concerns' & Urged 'Caution'
- Ed Miliband's Speech On Banking - Pay 'Too Big, Too Often'
- MF Global 'Board And Senior Management Were Highly Sophisticated'
- BofA, Credit Suisse, Jefferies, MF Global, RBS, UBS
- Changes To UBS Board Of Directors
- Barclays, Bank Of Nova Scotia, Blackstone, Deutsche, Evercore, JPMorgan, MF Global, UniCredit
- M&A & Capital Markets Snapshot
- Financial Services Authority Asks For £78m More In Funding
- Featured Training Company of the Month – PRPi Training Limited
- Recruitment Firms We Like
- London Deals - Audi R8 or Aston Martin Rental, Piano / Guitar Learning, Helium Balloons, Hotels, Overnight Stays, Luxury Manicure & Pedicure, The Spa Boutique
- CEO Admits That Firm Broke Bonus Promise
- Deutsche Bank 2011 Compensation Details Now Out
- SEC Charges Former Credit Suisse Investment Bankers
- Letter From Mark Zuckerberg In Facebook IPO Filing
- Citi, Credit Agricole, Goldman, JPMorgan, Morgan Stanley, Nomura, Societe Generale
- FaceBook IPO - The Best From Around The Web
- Tory MPs Call For More Knighted Bankers To Get Fred Goodwin Treatment
- Jefferies Acquires Hoare Govett From Royal Bank Of Scotland
- And The Coolest Firm For Bonuses In 2011 Was...
- Goldman - Kicked In The Face(book)
- And The World’s Most Valuable Banking Brand In 2012 Is....
- RBS Bonus Rumour Of The Day
- Al-Qaida-Inspired Plotters Planned Attacks On High-Profile London Targets
- 2012 Bank of America Chicago Marathon Registration Now Open
- NYSE Euronext & Deutsche Boerse To Terminate Merger Agreement
- A Career In Investment Banking - From Intern To CEO You're Really On A Hiding To Nothing
- Bonus Quote Of The Week
- The Mob Is In Control - But That Might Not Be Such A Bad Thing
- Fred Goodwin Knighthood - The Backlash
Features
- And The Best Place To Work In The Global Financial Markets 2011 Is...
- The Top 100 Financial Markets Firms 2011
- Recruitment Firms We Like
- Execuzen - Best Search Firm 2011
- Eximius Group - The Best Contingency Recruitment Firm 2011
- Hays Financial Markets - Best Temp / Interim Recruitment Firm 2011
- Holmes Search - The Best Compliance Recruitment Firm 2011
- Huxley Associates - Best HR Recruitment Firm 2011
- Selby Jennings - The Best Front Office Recruitment Firm 2011
- Selby Jennings - The Best IT Recruitment Firm 2011
- Selby Jennings - The Best Risk Management Recruitment Firm 2011
- Tay Associates - Best Secretarial / PA Recruitment Firm 2011
