Standard Chartered is expected to cut around 20 jobs globally as it has decided to club its industries coverage team into its mergers and acquisitions advisory team, a source who has direct knowledge on the subject matter has revealed to Reuters.
The move of StanChart started Friday, according to Reuters. The source said that it also doubled the M&A team to more than 100 bankers. Since the details of the move have not been made public yet, the source refused to be named.
Some roles from the folded industries coverage team will be moving to the wider coverage and capital market's team of the bank, reported Bloomberg. "A couple of dozen" jobs will be eliminated to avoid duplication.
According to the source, it is not certain yet how many exactly would be joining the M&A department or how large the team would be with staff joining them from the industries coverage team.
It can be recalled that the company announced on March 12 that it would be implementing a wide reorganization of the investment banking unit. The recent move of folding the industries coverage into the M&A department is a part of the mentioned revamp.
At the time of the announcement, StanChart mentioned that the reorganization was geared to increase the revenue of the bank from sources other than direct financing.
The appointed Co-Heads of Corporate & Investment Banking were Roberto Hoornweg and Sunil Kaushal in the abovementioned reorganization. Former corporate, commercial and institutional banking (CCIB) CEO Simon Cooper, who was viewed by some investors as a potential successor to group CEO Bill Winters,has left the bank after working eight years of service.
