Barclays bank sacks CEO – Ghana Broadcasting Corporation

McFarlane will need to quickly address some major challenges including a requirement for the bank to separate its United Kingdom retail business from riskier activities to meet new regulations.

Jenkins wanted to slash the investment bank’s assets more aggressively, according to a person familiar with the matter, but King resisted saying he would retire early from the bank if such a strategy was pursued.

Barclays declined to comment on Thursday.

“It is easy to forget just how bad things were three years ago both for our industry and even more so for us”, Mr Jenkins said.

Shares in Barclays jumped 3% after the announcement. Barclays said he is entitled to 12 months’ notice from the company under his contract of employment and will therefore continue to receive his current salary of GBP1,100,000 per annum; role based pay (delivered in Barclays shares) of GBP950,000 per annum; pension allowance of GBP363,000 per annum; and other benefits until 7 July 2016.

Mr McFarlane added that the lender also had to improve its cost control and capital performance. McFarlane will act as Chief Executive until appointment of a permanent successor.

Barclays management has “concluded that new leadership is required” to accelerate an overhaul of the beleaguered group, it revealed in a statement on the surprise decision.

He cited the bank’s aspiration to boost returns to shareholders.

“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”, said John.

A number of candidates to replace Mr Jenkins are already the subject of City speculation, including Barclays’ finance director, Tushar Morzaria.

British banking group Barclays Wednesday announced the departure of Antony Jenkins as Chief Executive three years after he was appointed in the wake of the Libor scandal. “He got rid of the guy who was questioning this”, said the executive, speaking on condition of anonymity.

“It will be good to have someone that has some familiarity with the investment banking business as it’s such an important part of the business”, McFarlane said.