Deutsche Bank's partial withdrawal from South Africa and other markets signals a retreat that other banks have already made, such as Barclays, which a few years ago abandoned its African ambitions to focus on its home market. Deutsche Bank said this week it would wind up its advisory, corporate broking and sponsor services businesses over the next six months. The group said it would retain a presence in South Africa, specifically in debt capital markets, fixed income and treasury products. The decision to reduce the group's South African footprint comes as Europe's largest lender announced last month that its headcount would fall below 90000 from 97000. According to sources, the bank could cut anywhere from a third to slightly more than half its South African workforce. There are 104 full-time employees in the group's local office. But Deutsche Bank's retreat may be a boon for remaining local and international lenders. The bank's 2017 annual report shows its South African business h...
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