Deutsche Bank is shutting down its South African advisory, corporate-broking and sponsor-services divisions as part of a global review of its business. The move came 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. "There will be an orderly wind-up over a period of up to six months," a Deutsche Bank spokesperson said in an e-mailed response to questions, without elaborating on the number of jobs affected. "Our debt capital markets, fixed-income and treasury products in SA will not be affected. We remain committed to our South African clients." Bloomberg
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