Barclays axes chief executive in bid to speed up change
The chairman of Barclays said chief executive Antony Jenkins was fired after lacklustre revenue growth as the banking giant's shares remain at the level they were six years ago.
Recently hired chairman John McFarlane, who is taking over duties from Mr Jenkins as executive chairman on an interim basis, said the bank needed a new leader to speed up change after it had become "cumbersome".
Barclays confirmed Mr Jenkins had already left the bank, with reports suggesting the former chief executive fell out with the board over strategy and the pace of cost cutting.
Shares in Barclays jumped 3% after the announcement.
Mr McFarlane said Mr Jenkins had handled the bank's management and image crisis "brilliantly" since his appointment three years ago after the Libor rate-fixing scandal.
But he added: "That phase is now over." Mr McFarlane said the bank needed "more rapid revenue growth".
He said: "The share price of the bank is the same at it was six years ago, and our dividends are low and flat."
Mr McFarlane added that the lender also had to improve its cost control and capital performance.
And he said: "We have 375 management committees at Barclays.
"We are too cumbersome, and need to become leaner. Our senior managers tell us there is too much bureaucracy, and they want to be trusted to make decisions."
Mr McFarlane met his senior managers this week, and said they had already "pushed the button for growth" on a number of areas across the bank's commercial and investment banking operations.
He said he would outline the group's new strategy at its interim results on July 29.