In an effort to cut down on redundancy, Standard Chartered has combined its industries coverage team with its specialised mergers and acquisitions advice team, eliminating approximately 20 positions worldwide.
Reported by Reuters, the action boosts the number of bankers on the mergers and advising team to over 100.
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While positions will be cut to prevent redundancy, some of the responsibilities from the industries coverage unit will transfer into the bank’s broader coverage and capital markets departments.
This action is a part of a larger restructuring of the lender’s investment banking coverage that was revealed on 12 March with the intention of simplifying the bank’s operations and emphasising important international clients.
Moreover, in an effort to increase responsibility for its investment banking performance and priorities, the bank revamped, appointing Roberto Hoornweg and Sunil Kaushal as co-heads of corporate & investment banking.
The goal of the restructuring is to increase the bank’s revenue from non-direct financing sources while concentrating on industries that the bank has recognised as development prospects.
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By GlobalDataFurthermore, Standard Chartered Private Bank further appointed relationship managers and team leaders to its worldwide staff last month, which is spread among booking centres in Singapore, Hong Kong, and the UAE.
In recent years, the firm has been expanding the private bank in line with its goal to expand the wealthy business. Encouraging the frontline teams through targeted personnel acquisition is still essential to meeting the demands of high and ultra-high net worth (HNW and UHNW) clients.
Nicholas Cheng, a seasoned financial professional with 30 years of experience, has joined the bank as managing director and head of private markets group. He has previously worked for major Asian and European banks, as well as UHNW and institutional limited partnerships.
