Barclays leads FTSE higher after CEO Jenkins goes

But the share price has stalled over the past two years, said Lex in the FT – all the gains came in the first six months.

His remarks to managers were described as aspirational goals rather than formal targets, and Barclays declined to comment on them.

A senior executive at insurer Aviva, where McFarlane previously oversaw a major turnaround, said Jenkins’ swift departure was unsurprising given the Scot’s track record. McFarlane told the Financial Times on Thursday that he thought the bank could be more aggressive in lending on credit cards and mortgages, and accelerate growth in its African business. “We have long advocated an aggressive pruning of the investment bank”.

Also in focus on Wednesday, British finance minister George Osborne will say how he plans to reshape the economy by chopping welfare spending, easing the tax bill for workers and tackling a few of the biggest challenges facing the recovery.

Jenkins was occupied the position following he served as head of retail at Barclays after the Bob Diamond left the bank since it wanted to reduce its investment banking activities.

While it continues to own a significant business in France, the process to dispose of Barclays’ operations in Italy and Portugal, which comprise 90 and 85 branches respectively, has emerged just hours after the bank sacked Mr Jenkins, saying it required a different set of leadership skills for the next phase of its restructuring.

And he said: “We have 375 management committees at Barclays”.

Barclays was the top FTSE 100 riser, and the move added 1.3 billion pounds ($2.0 billion) to its market capitalisation.

Mr Jenkins said that when he had taken over as group chief executive in 2012 it was a “particularly difficult time for Barclays”.

Morzaria has struck up a strong relationship with McFarlane, as stated by industry sources. “He got rid of the guy who was questioning this”, said the executive, speaking on condition of anonymity.

Another internal candidate could be Jonathan Moulds, the former Bank of America Merrill Lynch (BAC.N) executive who was appointed to the newly created role of chief operating officer in January.