Insurer Allianz is planning to cut up to 3000 jobs at its Dresdner Bank AG unit as it comes to terms with mounting losses, according to Bloomberg News.
The insurer is planning to cut around 6% of Dresdner's work force. The company has been saddled with losses at Dresdner since buying the bank $20bn in 2001.
Chief executive Henning Schulte-Noelle has already taken steps to cut 8000 Dresdner jobs.
Bloomberg reported that Allianz expects the bank to be profitable by next year.
