Singapore juniors say they're suffering most in Standard Chartered's M&A cuts

Standard Chartered's combined capital markets and advisory revenues were up 14% year-on-year in the first half of 2024, but the increase appears to have been down to capital markets rather than M&A advisory and the bank has taken action to prune its M&A team accordingly.

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Standard Chartered isn't commenting, but Reuters reported this morning that the bank has cut "more than 20" jobs globally as it combines its industries coverage team with its M&A advisory team and eliminates overlaps.

Speaking off the record, juniors at the bank said the cuts appeared to affect more than 20 people and that they seemed to have been focused on junior and mid-level bankers rather than managing directors. 

"Singapore is the worst affected place," said one. "Surprisingly, managing directors are comparatively unaffected, even though they say this is about costs."

Tom Willett, Standard Chartered's global head of M&A, is overseeing the move, which Reuters said will both double the size of the M&A team to more than 100 bankers and allow the bank to focus on key cross-border clients.

Like Citi, Standard Chartered has been extracting management layers in an attempt to cut costs. In March, it let go of Simon Cooper and appointed Roberto Hoornweg and Sunil Kaushal to run its corporate and investment bank (CIB) while eliminating its 'regional reporting matrix.'

The latest change implies that new methods of cost-cutting have also been unearthed. If M&A revenues don't recover soon, other banks may be tempted to take similar action.

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