StanChart axes bankers in energy M&A team

Hong Kong

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, people familiar with the matter said.

Asia-focused lender 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.