Barclays axes CEO

Reportedly the board wanted greater cost cutting and more focus to placed on the investment bank’s profitability.

The bank said a search for Jenkins’ successor is already under way, while in the meantime its chairman John McFarlane will act as the bank’s chief executive.

Jenkins has been chief executive since 2012 in the midst of the financial crisis.

McFarlane told the BBC:: “Barclays is not efficient, we are not productive, we are cumbersome.

“We have [a] very large bureaucracy and personal accountability is not as high as we need it to be.

“And so it’s not just a reduction in costs, it’s a change in the way we do things that’s required here.”

Barclays released a statement this morning in which McFarlane said: “We are leaving value on the table and a new approach is required.

“As a group, if we aspire to bring shareholder returns forward, we need to be much more focused on what is attractive, what we are good at, and where we are good at it.”

Sir Michael Rake, deputy chairman and senior independent director at Barclays said: “I reflected long and hard on the issue of group leadership and discussed this with each of the non-executive directors.

“Notwithstanding Antony’s significant achievements, it became clear to all of us that a new set of skills were required for the period ahead.

“This does not take away from our appreciation of Antony’s contribution at a critical time for the company.”

Jenkins started his career at Barclays in 1983 before moving to Citigroup and eventually heading its credit card business. In 2006 he returned to Barclays.

He said: “I became group chief executive at a particularly difficult time for Barclays.

“It is easy to forget just how bad things were three years ago both for our industry and even more so for us.

“I am very proud of the significant progress we have made since then. Our capital position is much stronger, our business model is more balanced, we are much more disciplined on cost management, we have made good progress in rebuilding our reputation and we are seen as a leader in the application of technology to our business.

“While the external environment has continued to be, and will remain, challenging the group now has the resilience to overcome these challenges.

“Most of all, I am proud that we have defined our culture through a common set of values for the group and that the progress we have made and the tough decisions we have needed to take have all been achieved by applying these values and by focusing on the needs of all our stakeholders.

“I want to thank the people of Barclays for their tireless efforts and support in achieving these results and for my own part I am looking forward to the professional opportunities that lie ahead.”

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