WestLB will retrench its global operations as it tries to recover from heavy subprime exposure that forced it into a wider-than-expected €1.6bn ($2.5bn) loss last year. The Düsseldorf-based lender said it would “focus on core competencies” in fewer locations and slash jobs at home and abroad to reduce staff by at least 20%. Plans would be finalised by next month, WestLB said. The bank, the most international of the state-owned Landesbanken, wants to reach more mid-sized German corporate customers and reduce the volatility of earnings from investment banking.

This entry was posted by Gwen Robinson on Thursday, April 3rd, 2008 at 5:43 and is filed under Capital markets. Tagged with westlb. Edit this entry.