Ismail said that the “debt capital markets‚ fixed income and treasury products franchise” in the country would not be affected.
“We remain committed to our South African clients and our on-the-ground presence in South Africa‚" he said.
It comes as Germany’s largest bank is reviewing its global equities business - with media reports on Wednesday suggesting that as many as 10‚000 jobs could be affected worldwide. The bank previously said it would cut back US rates sales and trading‚ and reduce the corporate finance business in the US and Asia.