Slaughters, Sullivan & Cromwell and Linklaters advise on Standard Chartered's £3.3bn rights issue

Slaughter and May and Linklaters have won key roles on Standard Chartered’s $5.1bn (£3.3bn) rights issue.

The money raised will cover reorganisation costs as the bank announced yesterday that it intends to cut 15,000 jobs by 2018 as it seeks to strengthen its balance sheet by removing $100bn (£65bn) of assets.

It is Standard Chartered’s first rights issue since 2010 when it raised funds to recapitalise the bank ahead of regulatory changes introduced in the wake of the financial crisis.

Slaughter and May and Sullivan & Cromwell are advising Standard Chartered while Linklaters is acting for the banks.

Slaughters is fielding a team in London led by corporate partner Nilufer von Bismarck alongside corporate partners Robin Ogle and Tim Pharaoh, tax partner Jeanette Zaman and employment head Jonathan Fenn.

Sullivan & Cromwell is providing US legal advice to the bank.

Slaughters and Sullivan are working alongside Standard Chartered’s in-house legal team led by the bank’s head of legal Palwinder Hare.

The Linklaters team is being led by City corporate partners Tom Shropshire and John Lane.

Last month, Standard Chartered unveiled its refreshed global legal panel, adding Hebert Smith Freehills (HSF) to the main roster and reappointing six other firms.

The bank selected magic circle firms Allen & Overy (A&O), Clifford Chance, Linklaters and Slaughter and May for the line-up alongside Hogan Lovells and Baker & McKenzie.

All six of these firms have been on the bank’s global panel for at least five years, with Slaughters advising in 2012 alongside Sullivan & Cromwell on a $340m (£217m) settlement with the New York State Department of Financial Services (DFS) over allegations that it breached US sanctions and transactions with Iran.