Barclays boss sacked in board fall-out

Jul 08, 2015, 6:31 AM EDT
Antony Jenkins, chief executive officer of Barclays Plc, poses for a photograph following a Bloomberg Television interview on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 22, 2015.
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Antony Jenkins, the chief executive of Barclays, has been fired after falling out with the board over the bank's cost cutting and profitability, writes the BBC.

Board members are believed to have wanted bigger cost cuts and more focus on the investment bank's performance.

Chairman John McFarlane said the bank needed to become more efficient: "What we need is profit improvement. Barclays is not efficient. We are cumbersome." In a statement, Barclays said a "new set of skills" was required at the top.

Jenkins has been Barclays' chief executive since 2012. The bank said a search for his successor was under way. Barclays' chairman John McFarlane has been named executive chairman until a new chief executive is appointed.

In a conference call, McFarlane said the board had decided the firm needed to change its strategy in order to boost revenue growth. Barclays needs to be "leaner and more agile" to improve the firm's capital performance, he said.

Investors welcomed the news of the change, sending shares in Barclays up more than 3% in early morning trade. Mr McFarlane applauded Mr Jenkins' role in steering Barclays through the aftermath of the financial crisis, and through the fallout of Barclays' management shakeup three years ago. But he also said: "There is no question that cultural change was urgently required."