n a move that could foreshadow further job cuts on Wall Street, Dresdner Kleinwort Wasserstein
yesterday laid off roughly 500 U.S. workers. The cuts represent roughly half of its American unit.
The cuts were primarily from its investment banking unit, according to a report in the New York Post
. The paper reported that more cuts are expected from the firm.
Last week the German firm said it would be making 3,000 cuts worldwide, including 1,000 from its investment banking ranks--the DKW division.
Since the start of the bear market Wall Street has announced 138,000 job cuts.
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