WestLB AG is a commercial bank domiciled in North Rhine-Westphalia, Germany's most densely populated federal state and it is one of Germany┬┤s leading providers of financial services.

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Bloomberg reports that Minneapolis-based investment bank Piper Jaffray is to cut around 40 of the 70 staff it currently employs in London, as its business model 'was impacted by the lack of capital raisings by...small and mid-cap clients'.

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Firm Expected To Cut 4,000 Staff

The Wall Street Journal reports that Germany's WestLB, which almost collapsed during the financial crisis 'has accepted European Union demands that it reduce its balance sheet and operations, with the lender expected to cut 80%' of its 5,000 staff.

Robin Saunders Pulled Into WestLB Probe ?

The Financial Times reports that Robin Saunders, WestLB's head of the bank's London-based principal finance business, looks like being drawn into the German probes into the bank's exposure to the BoxClever TV rental company. The BoxClever deal has cost the bank dearly, with loan provisions which could eventually be as high as £500m. German state prosecutors are said to be looking at whether any of the bank's officials are guilty of 'breach of trust' for not having enough collateral in place when the deal was done.

Is The Jig Up For Guy Hands ?

The Independent reports that it is only just over a year ago that Guy Hands went solo. Since then he has suffered a number of setbacks and has been eclipsed in the City by 'rival financier' Robin Saunders from WestLB. Is his star on the wane ?

Deutsche, Morgan Stanley, WestLB, UBS

Deutsche Bank and UBS have been served with $2.7bn in damage claims in connection with the collapse of Italian dairy company Parmalat. Italian authorities have alleged that the banks provided false information about the company's financial position before it was forced into bankruptcy in late 2003. Both banks say that the allegations are false.

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