Nedbank battens down the hatches

A sedate and uneventful annual general meeting for the Nedbank Group on Thursday belied a business preparing for continued bad news from local and other African economies, ranging from low growth to sovereign credit downgrades. CEO Mike Brown said a total shareholder return of -20% in 2015 had been a disappointment, even while the rest of the large banks in South Africa traded in similar fashion and the index returned -16%.