Deutsche Bank Cuts S. Africa Units as Part of Global Review


Deutsche Bank AG 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 Africa’s most-industrialized economy over the next six months, it said in an emailed response to questions, without elaborating on the number of jobs that may be affected.

The move comes after Europe’s largest lender reported two straight annual losses in 2016 and 2017. It is now under the leadership of newly appointed CEO Christian Sewing, who has been tasked with leading the bank’s turnaround amid poor investor confidence and downgrades from top rating agencies.

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