Dresdner Kleinwort Wasserstein, the investment banking arm of Germany's Dresdner Bank, has hired Mark Woolley from Goldman Sachs as a director and product head, in the latest phase of its push into the financial institutions debt business.

Woolley, who joins DrKW after seven years at Goldman, becomes head of hybrid capital - a form of fixed income fundraising, usually subordinated, and used by banks and insurers to raise cash.