Good Articles to Share

StanChart creates new banking team as it bids for big cross-border deals

Tan KW
Publish date: Thu, 12 Sep 2024, 05:31 PM
Tan KW
0 484,480
Good.

LONDON Standard Chartered has created a new banking team in its corporate and investment banking division, as a reorganisation of the unit aimed at boosting cross-border business continues, according to an internal memo seen by Reuters on Thursday.

Henrik Raber will lead the new team, which will combine the lender's mergers and acquisitions (M&A) advisory and global credit markets teams, the memo said. Raber was the head of global capital markets.

The reorganisation will have no impact on headcount, a source familiar with the matter told Reuters.

The bank previously folded its industries coverage team into the M&A team, in a move that saw it cut more than 20 jobs, Reuters reported last month.

Both changes were part of a wider reorganisation of the lender's investment banking coverage announced on March 12, aimed at streamlining the bank's business and focusing on key cross-border clients.

In doing so, the bank is trying to win deals that pay bigger fees, achieving critical mass in investment banking, the source familiar with the reorganisation said.

StanChart has in the past struggled to win such business, often beaten in league table rankings for cross-border advisory deals by Wall Street rivals.

 


  - Reuters

 

Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment