Citigroup says hard-hit investment bankers pin their hopes on Africa
Revenues plunged across the developed world in the first half of 2019, weighed down by slowing economic growth and geopolitical tensions, mainly the US-China trade dispute
Africa may prove to be a bright spot for an investment-banking industry that’s in the doldrums globally as expanding economies, combined with young populations and a hunger for new technology, boost equity sales, according to Citigroup.
“The role of investment banking … is to bring capital to where it’s needed and bring together savers and investors,” Miguel Azevedo, head of investment banking in the Middle and Africa, said in an interview at the World Economic Forum (WEF) meeting in Cape Town earlier in September. ..