A spokesman for the bank has now said that 'the ongoing review of costs in WestLB Panmure is limited to that business specifically.' The announcement was no doubt designed to send a clear message to the market - 'Stay away from Robin Saunders.'
Saunders is one of the City's highest profile bankers and has been instrumental in winning a number of mandates for the bank. The announcement last weekend that up to 750 job cuts will be made at WestLB alerted several City headhunters to the possibility that Saunders may be unsettled and could be tempted away by a rival.
WestLB looks determined to ensure that Saunders goes nowhere during the upheaval that is expected to come following the news of headcount reductions.
Deal Maker To Escape WestLB Cull
German bank WestLB has been quick to point out that the proposed staff reductions in its London and Frankfurt offices are to be restricted to the Panmure Securities business.
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