25 Sep 2002, Christopher Jeffery, Risk magazine
Following Dresdner’s takeover of Allianz 18 months ago, Fischer and Dresdner head Bernd Fahrholz joined the Allianz board. But Dresdner posted a loss of €1 billion in its latest results, with corporates and markets – which includes investment banking unit Dresdner Kleinwort Wasserstein (DrKW) – representing €738 million of that total.
The poor figures prompted a raft of speculation that DrKW would be sold.
Dresdner is holding a supervisory board meeting today with an, as yet unclear, announcement expected soon after. One insider said, “it’s time to put on the steel helmets and brace ourselves for what is going to come down on us”.
At 39, Fischer is unlikely to be thinking of retiring.