Deutsche Bank AG intends to scale back its operations in South Africa over a six-month period as a part of a global business review, Bloomberg News reported, citing the German lender.
The bank will cut its advisory, corporate-broking and sponsor-services units in the country but its debt capital markets, fixed-income and treasury products will be unaffected, according to the June 4 report.
Although the bank did not state how many jobs will be affected by the move, a source told Reuters that a small number of its 72 South African full-time staff would lose their jobs. The bank has had its South African presence since 1979 and established a branch in 1998, Bloomberg noted.
Despite the plan, a spokesman for Deutsche Bank said it remains committed to it South African clients, Bloomberg said.
