The findings of a report by Refinitiv show how suppressed investment banking was across the continent in 2020 as the pandemic brought lockdowns that impeded corporate activity and led to a decline in investment banking fees.

Overall fees were down 15% in 2020 versus the previous year, but the pinch was really felt in M&A which declined precipitously by 55%. SA is still responsible for more than half of all fees written in Africa...

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