In April 2001, Allianz agreed to acquire the 80 per cent of Dresdner Bank that it did not already own for US$20 billion. As part of the transaction, Allianz agreed to sell its 13. 5 per cent stake in HypoVereinsbank to Munich Re, and to acquire Munich Re's 40 per cent stake in Allianz Leben. Following completion of the acquisition, Allianz and Dresdner Bank combined their asset management activities by forming Allianz Global Investors. In 2002, Michael Diekmann succeeded Henning Schulte-Noelle as CEO of Allianz AG. In June 2006, Allianz announced the layoff of 7,280 employees, about 4 percent of its worldwide work force at the time, as part of a restructuring program aimed at raising profitability ("Allianz Sustainability P&C and Life"). The reductions comprised 5,000 staff at Allianz insurance operations and 2,480 at Dresdner Bank. In the same month, Allianz announced that its Dresdner Kleinwort Wasserstein investment banking operation would be renamed as simply Dresdner Kleinwort.