Update: Dresdner Said to Be in Talks to Buy Wasserstein Perella

Updated from 10:20 a.m. EDT

Dresdner Bank of Germany is in discussions to buy the New York investment bank Wasserstein Perella for as much as $1.5 billion, according to a person close to the banks.

The talks signal that the wave of foreign banks buying up Wall Street investment houses is far from over. In recent months Credit Suisse Group agreed to buy Donaldson Lufkin & Jenrette for over $13 billion, and fellow Swiss bank UBS agreed to buy PaineWebber. Wasserstein Perella acted as an adviser on both deals. ...