The City roundup video: RBS axes jobs as Standard Chartered reshuffles

Video: Oscar Williams-Grut provides a run-down of the day's major news from the City

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The Independent Online

Two banks are having big shake ups today, as Royal Bank of Scotland axes jobs and Standard Chartered reshuffles its management.

RBS is ending investment banking activities in 25 countries this year, cutting thousands of jobs in the process. The cutbacks are part of efforts to escape the legacy of disgraced former boss Fred Goodwin, who built up the investment banking operations in the run up to the financial crisis. News of the cuts came as RBS announced its seventh straight year of losses. Meanwhile, Liverpool sponsor Standard Chartered is having a major boardroom clear out after months of pressure from unhappy shareholders.

Chief executive Peter Sands and chairman Sir John Peace are both leaving, along with three other long serving directors. It follows a string of profit warnings from the bank, which focuses on emerging markets.

 

JPMorgan veteran Bill Winters will replace Sands as chief executive.

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