Financial Times Summary for Financial Services

Tue 2 Sep 2008

Commerzbank
Commerzbank fell more than 10% in a downbeat reaction from the German bank's investors to its £7.9bn acquisition of Dresdner Bank, its domestic rival. The deal combines Germany's second and third largest banks to create a clear rival to Deutsche Bank. However it has raised concerns in the City about job cuts.Commerzbank is targeting 9,000 job cuts by 2011.

Royal Bank of Scotland
RBS and Barclays are likely to be on the prowl for potential recruits among the 1,200 who are expected to lose their jobs in London, as is Australia's Macquarie Bank, which has been building up an equities business there from scratch. There were signs yesterday that many Dresdner Kleinwort staff were preparing to leave.

Barclays
The stock of small businesses in England and Wales could drop by as much as 150,000 by early 2010, Barclays said yesterday.

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