StanChart folds industries team into M&A, cutting over 20 jobs, source says

LONDON (Reuters) – Standard Chartered (OTC:) has folded its industries coverage team into its dedicated mergers and acquisitions advisory team, eliminating more than 20 roles globally to reduce duplication, a source with direct knowledge of the matter told Reuters.

The move, which began on Friday, doubles the mergers and advisory team to more than 100 bankers, the source said, declining to be named because the details are not public.

Some of the roles from the mothballed industries coverage team will move into the bank’s wider coverage and capital markets teams, the source said, while “a couple of dozen” jobs will be eliminated to avoid duplication.

The source declined to specify how many staff were being folded into the M&A team or exactly how large the team would now be.

The move is part of a wider reorganisation of the lender’s investment banking coverage announced on March 12, aimed at streamlining the bank’s business and focusing on key cross-border clients.

Roberto Hoornweg and Sunil Kaushal were appointed Co-Heads of Corporate & Investment Banking in that reorganisation, which also eliminated StanChart’s regional reporting matrix as the bank said it aims to improve accountability for its investment banking performance and priorities.

The reorganisation is focused on increasing the bank’s revenue from sources other than direct financing, as well as targeting sectors that the bank has identified for growth, StanChart said at the time.