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

Six banks were fined, including Royal Bank of Scotland (RBS), for trying to manipulate foreign-currency prices are a stark reminder of the need for sweeping changes (AFP/Getty)

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

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.