Standard Chartered's Peter Sands to step down in June

Peter Sands has been chief executive at Standard Chartered since 2006

UK bank Standard Chartered has announced that its chief executive, Peter Sands, will be replaced by ex-JPMorgan banker Bill Winters.

Mr Sands, who has been under pressure over the bank's slumping share price, says Mr Winters, who takes over in June, is "a great choice".

The bank's chairman, Sir John Peace, is to step down in 2016 and three non-executive directors are also leaving.

Shares in the troubled bank rose 3% in early morning trading.

The Asia-focused bank has been facing tough market conditions and issued three profit warnings last year.

It is due to close up to 100 bank branches this year in Asia, Africa and the Middle East in an attempt to improve its profitability.