StanChart Merges Industries Team with M&A, Resulting in Job Cuts Exceeding 20, Sources Indicate

LONDON – Standard Chartered has integrated its industries coverage team into its mergers and acquisitions advisory team, resulting in the elimination of over 20 roles worldwide to streamline operations, according to a source familiar with the situation.

This restructuring, which started on Friday, effectively doubles the size of the mergers and advisory team to more than 100 bankers. The source, who requested anonymity as the information is not public, noted that some positions from the discontinued industries coverage team will transition to the bank’s broader coverage and capital markets teams. However, "a couple of dozen" jobs will be cut to eliminate redundancy.

Specific numbers regarding how many employees are moving into the M&A team or the new size of that team were not disclosed.

This initiative is part of a larger reorganization of the bank’s investment banking coverage, which was announced on March 12. The goal is to enhance the efficiency of the bank’s operations and to focus on important cross-border clients.

Roberto Hoornweg and Sunil Kaushal have been appointed as Co-Heads of Corporate & Investment Banking as part of this restructuring, which also dissolves StanChart’s regional reporting structure. This change aims to improve accountability for the bank’s investment banking performance and priorities.

The reorganization emphasizes increasing revenue from non-direct financing sources and targets sectors identified for growth by the bank.