Dresdner Kleinwort, the investment banking arm of German insurance giant Allianz, made an operating loss last year after taking a â¬1.4bn ($2bn) trading hit relating to the US sub-prime mortgage crisis and is closing its structured investment vehicles business.
Dresdner Kleinwort announced writedowns of â¬1.3bn on its asset-backed securities portfolio turning an operating profit of â¬548m in 2006 to a loss of â¬659m last year.
