Standard Chartered adds industries team to M&A unit, cuts jobs

12th Aug 2024 15:05

(Sharecast News) - Standard Chartered has folded its industries coverage team into its mergers and acquisitions (M&A) advisory unit, it was reported on Monday, resulting in the elimination of over 20 positions globally.

According to Reuters, which cited a source "with direct knowledge", the consolidation started on 9 August and was designed to reduce redundancy within the bank's operations.

The reorganisation would reportedly double the size of the M&A advisory team to over 100 bankers.

While some staff from the disbanded industries coverage team would be reassigned to other areas within the bank's coverage and capital markets teams, about two dozen roles would be cut as part of the streamlining process, Reuters said.

It added that the move was part of a broader restructuring initiative announced by the bank in March, which was designed to enhance efficiency and focus on key cross-border clients.

The reorganisation also included the appointment of Roberto Hoornweg and Sunil Kaushal as co-heads of corporate and investment banking, and the elimination of the bank's regional reporting structure in a bid to improve accountability and performance in its investment banking sector.

At 1454 BST, shares in Standard Chartered were up 1.57% at 726.6p.

Reporting by Josh White for Sharecast.com.