Barclay's Chief Executive Antony Jenkins has reportedly been sacked after falling out with the board over the bank's cost cutting and profitability.
Barclay’s Chief Executive Antony Jenkins has reportedly been sacked after falling out with the board over the bank’s cost cutting and profitability.
Board members were believed to be seeking larger cost cuts and more focus on the investment bank’s performance, reported the BBC.
A statement released by the bank said that they required ‘new set of skills’ at the top.
Chairman John McFarlane said that Barclays needed to become more efficient. He said, “What we need is profit improvement. Barclays is not efficient. We are cumbersome.”
Jenkins had occupied the top position since 2012. The bank said that a search for his successor was underway.
Meanwhile, McFarlane has been named as the executive chairman until a new chief executive is appointed.