Barclays sacks chief executive Antony Jenkins in row over strategy
British multinational banking and financial services company, Barclays, has ousted its chief executive Antony Jenkins.
Antony Jenkins was fired after a long running disagreement with the board over how the bank should be run.
It is thought the board were looking towards a different strategy and wanted Barclays to have more of a focus on the investment banking side and have larger cuts to the costs. The bank’s chairman John McFarlane said, "What we need is profit improvement. Barclays is not efficient. We are cumbersome."
The news sent the shares in Barclays up more than 3% in early trade.
Jenkins had only been the chief executive for three years after he was promoted to help turn the bank around following the Libor scandal which saw Barclays involved in rate rigging. The bank was fined £290m ($450m) for attempting to manipulate a key bank interest rate.
In the interim period, the bank’s chairman John McFarlane, who has only been in the post since April, has been named the executive chairman until a new chief executive is appointed.
Following the departure of Jenkins, McFarlane said, “Whilst it is unfortunate that I have had little time to work with Antony, I respect and endorse the position of the board in deciding that a change in leadership is required at this time. I would add my personal thanks for everything that Antony has done for us. He can be proud of his heritage, especially his excellent work on culture and values that we will continue. I wish him well.”
Jenkins is expected to receive his salary of £1.1 million pounds in addition to £950,000 and a pension of £363,000 a year.
MW/HA
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