Citigroup is scaling back its equity research unit in SA, the latest global stockbroker to downsize its operations in a country where a stagnant economy is crushing trading activity.

In response to questions from Business Day, Citi said that because of "sustained changes in the equities and capital markets globally, such as the Markets in Financial Instruments Directive II (MiFID II) in Europe and client shifts towards greater passive allocation, Citi SA has made some refinements to its research model".

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