Today's Labour News

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DeutscheBankFin24 reports that Deutsche Bank is shutting down most of its corporate-finance division in South Africa as part of a global review of its business.  

The Frankfurt-based bank will terminate its advisory, corporate-broking and sponsor-services units in the country over the next six months.  It has not elaborated on the number of jobs that may be affected.  A Deutsche Bank spokesperson indicated via email:  “There will be an orderly wind-up over a period of up to six months.  Our debt capital markets, fixed-income and treasury products in South Africa will not be affected.  We remain committed to our South African clients.”  The Frankfurt-based lender employs 130 people at its SA unit, according to its website.  Deutsche Bank is Europe’s largest lender and reported two straight annual losses in 2016 and 2017.

  • Read this report by Colleen Goko in full at Fin24
  • See too, Deutsche Bank to close three divisions in SA, at BusinessLive

Get other news reports at the SA Labour News home page