Arqaam closing office, joining other brokers paring back in SA

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South Africa Headlines News

Macquarie Group, Deutsche Bank, Credit Suisse and Citigroup are all cutting back operations in the country

Arqaam Capital is closing its SA office, a person familiar with the situation said, as the Dubai-based investment bank joins other brokers paring back operations in the continent’s financial-markets hub.

Profit margins for equity trading companies that offer research have been squeezed in SA and other markets by the cost of The shutdown by Arqaam, which focuses on emerging markets, follows an announcement by Macquarie Group in October that it’s closing its cash-equities business in SA. Deutsche Bank’s SA unit has made significant job cuts, while Credit Suisse has also reduced its presence in the country. Citigroup has been leaving some equity research posts vacant and moving other functions, as reported by Business Day in November.

 

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