By Jonathan Davies

UK bank Standard Chartered has announced big changes to its senior leadership.

Chief executive, Peter Sands, will be replaced by ex-JP Morgan banker Bill Winters. He will take over from Mr Sands, who has been under immense pressure to recover Standard Chartered's falling share price, in June.

Mr Sands described the appointment of Mr Winters as "a great choice".

Sir John Peace, the bank's chair will leave in 2016 and three other non-executive directors are also leaving the company.

Standard Chartered's share price was up 3% after the news. The bank, which focuses on the Asian market, has struggled over the past year, issuing three profit warnings in 2014.