Standard Chartered (STAN.L) has merged its industries coverage team into its mergers and acquisitions (M&A) advisory team, eliminating over 20 roles globally to reduce redundancy, according to a source familiar with the matter. This move, which began on Friday, doubles the M&A advisory team to more than 100 bankers.
While some roles from the dissolved industries coverage team will be integrated into the bank’s broader coverage and capital markets teams, “a couple of dozen” positions will be cut to avoid duplication. The exact number of staff transitioning to the M&A team remains unspecified.
This restructuring is part of a broader reorganization announced on March 12, aimed at streamlining the bank’s business and focusing on key cross-border clients. Co-Heads of Corporate & Investment Banking, Roberto Hoornweg and Sunil Kaushal, are leading this initiative to enhance accountability and drive revenue from non-financing sources, targeting growth sectors identified by the bank.