Royal Bank of Scotland will hand restructuring chief Rory Cullinan the task of overseeing another major scaling back of its investment bank, sources told Reuters, allowing it to focus on lending to British households and businesses.

Barclays, trying to stanch an exodus of senior dealmakers, posted a bigger- than-estimated drop in first-quarter profit as a fall in revenue from trading bonds, currencies, and commodities cut earnings from the investment bank by 49%.

Standard Chartered chief executive Peter Sands hit back at a New York regulator’s claims the bank broke US sanctions, and said he saw “no grounds” for revoking the lender’s licence.