Jobs at stake as Deutsche Bank reviews SA equities business

FILE PICTURE: August 30, 2015: Office of the Deutsche bank in Amsterdam.
FILE PICTURE: August 30, 2015: Office of the Deutsche bank in Amsterdam.
Image: 123RF/ joeppoulssen

Deutsche Bank is cutting back its South African advisory and equities business as part of global restructuring.

Deutsche Bank’s SA chief Muneer Ismail confirmed via text message on Wednesday that the South African business would be affected‚ but he did not answer specific questions on job losses.

"We are reviewing our advisory and equities footprint in South Africa with a view to scaling back our activities in these areas‚” he said shortly before 10pm. “This is part of a wider review of our businesses globally.”

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.

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