Winters gets top job at StanChart in reshuffle

Standard Chartered Plc named Bill Winters to replace Peter Sands as chief executive officer in one of the bank's biggest-ever management reshuffles to help reverse faltering earnings growth and a slump in shares.

Winters, 53, a former co-CEO of JPMorgan Chase & Co's investment bank, will join the group in May, before taking over as CEO a month later, Standard Chartered said in a statement on Thursday. Chairman John Peace will leave in 2016, while Jaspal Bindra, head of Asia, plans to step down later this year.

Sands, 53, is leaving the bank after he failed to reverse a slump in shares over the past two years, eroded by a a drop in earnings that ended a decade of growth. While the CEO last month announced the most aggressive cost cuts since taking over the job in 2006, he failed to convince investors, sparking months of speculation about the future of senior managers.