Dresdner Kleinwort Wasserstein, the investment banking arm of German insurance giant Allianz, is combining its five London offices into one to improve efficiency. DrKW has about 2,500 staff in London.

DrKW said last week that pre-tax profits for the nine months to the end of September had fallen by a third to €224m (£157m), partly as a result of a 15% decline in trading revenues.