Leonhard Fischer, head of Dresdner Kleinwort Wasserstein's unprofitable corporates and markets division, has defended its strategy at a time when Allianz, DrKW's parent, is considering alternatives for the future of the business.

Fischer, who is a board member of both the insurance company and Dresdner, said on Allianz' website: "Irrespective of the current situation in the financial markets, our model of creating an integrated corporate customer and investment bank ensures that we are correctly positioned."