Standard Chartered Streamlines Operations by Integrating Industries Coverage into M&A Advisory Team

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Standard Chartered (STAN.L) has restructured its operations by merging its industries coverage team into its dedicated mergers and acquisitions (M&A) advisory division. This strategic shift, which commenced on Friday, has led to the elimination of over 20 roles globally, as part of an effort to cut down on redundancy and streamline operations.

According to a source familiar with the situation who spoke to Reuters on condition of anonymity, the consolidation aims to enhance efficiency within the bank. The merger will expand the M&A advisory team to over 100 bankers, reflecting a significant boost in the department’s capacity.

As part of the restructuring, some positions from the now-defunct industries coverage team will be absorbed into the bank’s broader coverage and capital markets teams. However, approximately “a couple of dozen” roles will be cut to address overlaps and reduce duplication. The exact number of staff transitioning into the M&A team and the final size of the team have not been disclosed.

This organizational change is a component of a broader reorganization plan announced on March 12, which seeks to refine Standard Chartered’s investment banking operations. The bank’s reorganization focuses on streamlining business processes and enhancing service to key cross-border clients.

As part of this overhaul, Roberto Hoornweg and Sunil Kaushal were appointed as Co-Heads of Corporate & Investment Banking. Additionally, the bank has eliminated its regional reporting matrix to improve accountability and prioritize investment banking performance.

The reorganization aligns with Standard Chartered’s goal of diversifying its revenue streams beyond direct financing and concentrating on sectors identified for future growth. This strategic realignment is intended to position the bank more effectively in a competitive market.