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Australia's Commonwealth Bank shuts project advisory team

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Commonwealth Bank of Australia has shut its Sydney-based project advisory team because of declining demand for its services, the bank told Reuters on Thursday.

[SYDNEY] Commonwealth Bank of Australia has shut its Sydney-based project advisory team because of declining demand for its services, the bank told Reuters on Thursday.

Sources familiar with the situation said the move to shutter the five person team - headed by former Macquarie Capital and ANZ banking veteran Lloyd O'Harte - was unexpected.

The team was the financial adviser to Indian conglomerate Adani Enterprises' multibillion dollar Carmichael coal mine in Queensland until last August. A CBA spokeswoman said the group's resources were being allocated into the bank's broader specialised finance team.

REUTERS