HONG KONG, Nov 30 (LPC/Reuters) - Standard Chartered has announced changes to its corporate finance group as part of a move to cut headcount in its global corporate and institutional banking division, according to an internal memo issued on Tuesday and sources with direct knowledge of the matter.
As a result of the changes, which come into immediate effect, some senior members of the corporate finance team reporting to global head Sumit Dayal will take on additional responsibilities.
Sanjay Chowdhry, who was global head of leveraged finance, will become global head of the newly combined leveraged finance and financing solutions business.
Surya Bagchi, who headed financing solutions, will replace Ravi Suri as global head of project and export finance. It is not clear what Suri’s new role will be.
Steve Aloupis, head of loan syndications for Americas and Europe, will replace Don Robertson as regional head of corporate finance, Americas. Aloupis will continue to head loan syndications for Americas.
Robertson’s new role has not been determined.
Alper Kilic, who is regional head of corporate finance for Europe, will take on additional responsibility for loan syndications for Europe and Africa.
Nimrita Bedi will become regional head of corporate finance for Africa and the Middle East. She will also head the combined leveraged finance and financing solutions business for Africa.
David Law, regional head of corporate finance for Africa and the Middle East, will be moving into a new role in global banking.
The changes to the corporate finance team come amid job cuts reported earlier this week that mark the first major move by former senior HSBC banker Simon Cooper, who joined in April as chief executive of corporate and institutional banking.
Cooper has been working to overhaul and streamline the structure of the corporate and institutional banking division, the largest unit of the bank accounting for more than 46% of its operating income in the six months ended June.
Reporting By Prakash Chakravarti and Anshuman Daga; Editing by Vincent Baby