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. Last Updated: 07/27/2016

German Bank Job Cut

FRANKFURT, Germany -- Dresdner Bank AG will cut 4,000 jobs from its branch network as part of a go-it-alone solution decided by its management board on Monday, German newspaper Die Zeit reported Tuesday.

After the collapse of its planned merger with rival Deutsche Bank AG, Dresdner's management board decided at its Monday meeting to avoid future mergers and embrace a stand-alone solution, the newspaper said in the summary of an article planned for its Wednesday edition.

The failed merger attempt will cost Dresdner, Germany's third-largest bank, about 500 million euros this year in labor expenses, the newspaper said.