LONDON, Sept 12 (Askume) – Standard Chartered Plc (STAN.L) said on Thursday it has established a new banking team in its corporate and investment banking unit as it continues to restructure the entity with an aim to boost cross-border trading, an internal memo seen by Askume said.
Henrik Reber will lead the new team, which will combine the lender’s mergers and acquisitions (M&A) advisory team and global debt markets team, the memo said. Reber is the global head of capital markets.
A person familiar with the matter told Askume the restructuring would not impact headcount.
The bank had previously merged its industry coverage team into its M&A team, resulting in the layoffs of more than 20 people, Askume reported last month.
Both changes are part of a broader restructuring of the bank’s investment banking business announced on March 12 to streamline the bank’s operations and focus on key cross-border clients.
A source familiar with the restructuring said the bank is trying to do so to secure deals that offer higher fees, which could lead to significant growth in its investment banking business.
Standard Chartered has struggled to win such business in the past, regularly being outpaced by Wall Street rivals in cross-national advisory deal rankings.
