Reining in costs.
Standard Chartered has axed at least half a dozen oil and gas advisory banking roles in recent weeks, ending an eight-year attempt to build a global energy M&A team as new CEO Bill Winters moves to rein in costs, people familiar with the matter said.
Reuters reports that Asia-focused bank Standard Chartered expanded its energy M&A advisory team just before the global financial crisis by acquiring Harrison Lovegrove, a well regarded boutique advisory firm for oil and gas.
At that time, more than two dozen bankers came over to Standard Chartered from Harrison Lovegrove. But Winters, who is cutting 15,000 jobs globally to restore profitability, is getting rid of expensive specialised bankers and taking a step to reduce the bank's global ambitions in the M&A space.
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