Dresdner Bank Reportedly in Talks to Buy Wasserstein Perella

Dresdner Bank is in talks to buy U.S. investment bank Wasserstein Perella in a deal that could be worth between $1.2 billion and $1.5 billion, according to The Wall Street Journal, citing people familiar with the matter.

A deal between the two would increase Dresdner's presence in mergers and acquisitions in the U.S. Wasserstein Perella is the fifth-largest merger-and-acquisition adviser in the country, and Dresdner's investment house Dresdner Kleinwort Benson is fourteenth.

The Journal reported that although merger talks are in advanced stages, the companies still have not agreed on a price, so talks could still collapse.

The talks follow on the heels of several major deals in financial services. Credit Suisse First Boston announced last month that it is buying Donaldson, Lufkin & Jenrette(DLJ Quote). And in July Swiss Bank UBS agreed to buy PaineWebber(PWJ Quote).