Barclays CEO sacked

Barclays CEO sacked

Antony Jenkins, chief executive of Barclays, has been sacked after reports of the bank’s board being on the lookout for a financial head that has a new set of skills, according to City AM.

Known as the “nice guy of banking”, Jenkins will be leaving the bank in the middle of this month, leaving his responsibilities to be picked up by John McFarlane, until a replacement for Jenkins is found. After news of his departure, Barclays’ share price rose but 2.7%, but the bank says that strategy has not changed since Jenkins was asked to leave.

According to City AM, although appreciated, Jenkins’s tenure at the bank has had mixed reviews. Board members have praised him for his contribution in incredibly difficult circumstances and the group were grateful to him for strengthening the company. On the other hand, Sir Michael Rake, deputy chairman of the non-exec team said that a new leader was necessary so that the business could grow.

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,” Rake said. He added that “this does not take away from our appreciation of Antony’s contribution at a critical time for the company.”

McFarlane mentioned that Jenkins had a fresh perspective when he started at the company, but now there is a desperate need for innovative change, according to City AM. “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,” McFarlane said.

Commenting on his departure, Jenkins highlights how the bank overcame the trouble they had to endure over the past three years and the progress they have made. “While the external environment has continued to be, and will remain, challenging the group now has the resilience to overcome these challenges,” Jenkins said.

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