LONDON (Reuters) – Standard Chartered PLC (OTC: ) has merged its industry coverage teams into a dedicated M&A advisory group, eliminating more than 20 positions globally to Reduce duplication.
The measure, which began on Friday, doubled the number of mergers and advisory teams to more than 100 bankers, sources said.
Some positions in the mothballed industry coverage team will be transferred to the bank’s broader coverage and capital markets teams, while “dozens” of jobs will be eliminated to avoid duplication, sources said.
The source declined to specify how many employees are on the acquisition team or how big it is now.
The move is part of a broader reorganization of investment banking announced by the bank on March 12 to streamline banking operations and focus on key cross-border clients.
Roberto Hoornweg and Sunil Kaushal were appointed co-heads of corporate and investment banking in the reorganization, which also scrapped Standard Chartered’s regions as it said it aimed to improve accountability for its investment banking performance and priorities. Reporting matrix.
Standard Chartered said at the time that the restructuring would focus on increasing revenue sources beyond the bank’s direct financing and targeting the bank’s identified growth areas.
