The integration of German bank Dresdner Bank into Commerzbank AG (CBK.XE) is proceeding more quickly than expected and the number of employees in the investment banking division has now almost halved from 2008 levels, Commerzbank investment banking manager Michael Seelhof said Monday.

This is a goal the bank hadn't expected to reach until 2012, Seelhof added. The investment banking division currently employs 1,800 people, but plans to decrease this further to 1,650.

Commerzbank has already cut 6,400 of the 9,000 jobs slated to go as part of the integration process.

Seelhof said the integration of Dresdner Bank will now be complete by the end of 2010.

Total synergies of EUR2.4 billion will fully take effect from 2013, according to previous statements.

-By Eyk Henning, Dow Jones Newswires; +49 69 29725 500; eyk.henning@dowjones.com
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