StanChart lays off about 20 employees as it rebuilds its M&A team

STANDARD Chartered is planning to cut about 20 jobs in places including London and Singapore as the company restructures its mergers and acquisitions team, hiring bankers focused on protecting industry data, according to people familiar with the matter.

The London-based bank is also shifting some of its industry experience to finance or coverage teams, the people said, asking not to be identified because the information is confidential. The aim is to provide more capacity for mergers and acquisitions and reduce overlap, they said.

Many roles will “fall away” due to the restructuring, which aims to deliver more services to clients while also maximizing shareholder returns, according to an Aug. 8 memo from Tom Willett, the bank’s global head of M&A advisory. The move will result in hiring just over 100 employees in the M&A division, one of the people said.

A StanChart representative confirmed the memo, but declined to comment on how many jobs would be affected. He said corporate and investment banking clients were increasingly asking the bank for support with advisory services, as well as cross-border risk management and financing. Reuters reported the news earlier.

Earlier this year, the bank began overhauling its corporate and investment banking division, removing layers of regional management to speed decision-making and hold managers more accountable for the performance of their businesses. BLOOMBERG