Barclays boss sacked in board fallout

LONDON - Antony Jenkins, the chief executive of Barclays, has been fired after falling out with the board over the bank's cost cutting and profitability.

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.

Mr 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.

Comments (2)

bravo, Barclays board! good example of impartial, non partisan corporate governance. you don't deliver, you go, pure and simple. Africa should take a leaf out of that, especially Zimbabwe. There is dire need for our archaic corporate governance systems to be overhauled.

edika - 10 July 2015

Post a comment

Readers are kindly requested to refrain from using abusive, vulgar, racist, tribalistic, sexist, discriminatory and hurtful language when posting their comments on the Daily News website.
Those who transgress this civilised etiquette will be barred from contributing to our online discussions.
- Editor

Your email address will not be shared.