StanChart slims its oil and gas advisory banking team as Bill Winters makes cost cuts
Standard Chartered has axed around six oil and gas advisory banking roles recently, as its new chief executive Bill Winters powers ahead with his cost-cutting plan.
The senior managing directors to leave the bank include the London-based head of the energy mergers and acquisitions team, three sources told Reuters.
Four Singapore-based managing directors in the team were also let go, including one who was an expert on energy and power financing. Some less senior bankers were also axed.
Read more: Leaked memo from Bill Winters shows StanChart will cut 1,000 senior management jobs
Winters previously said he would cut a quarter of the bank's senior management roles as part of his bid to rein in costs.
It comes against a backdrop of tumbling oil prices, which have been punished due to increasing concerns over a supply glut, have cut mergers and acquisitions opportunities in the energy sector.
StanChart snapped up boutique oil and gas advisory Harrison Lovegrove before the financial crisis, to boost its energy mergers and acquisitions advisory.