Dresdner Bank's latest restructuring initiative will lead to the loss of 3,000 jobs as the German bank comes under pressure from parent Allianz to improve profitability.

The cuts are likely to be most severe in Dresdner's corporates and markets division, which comprises its corporate lending book and investment bank. Dresdner is already in the process of cutting 8,000 jobs by the end of next year and has shed 5,000 so far, 1,700 of which were from Dresdner Kleinwort Wasserstein, the investment bank.