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| Barclays sacks chief executive Antony Jenkins | Barclays sacks chief executive Antony Jenkins |
| (35 minutes later) | |
| Antony Jenkins, the chief executive of Barclays, has been fired after falling out with the board over the size of the investment bank and the pace of cost cutting. | Antony Jenkins, the chief executive of Barclays, has been fired after falling out with the board over the size of the investment bank and the pace of cost cutting. |
| The company said a search for Mr Jenkins' successor was under way. | |
| In a statement, Barclays deputy chairman Sir Michael Rake said he had "reflected long and hard on the issue of group leadership". | In a statement, Barclays deputy chairman Sir Michael Rake said he had "reflected long and hard on the issue of group leadership". |
| He said a "new set of skills" was required at the head of the group. | He said a "new set of skills" was required at the head of the group. |
| Barclays appointed Mr Jenkins as group chief executive in August 2012. | Barclays appointed Mr Jenkins as group chief executive in August 2012. |
| The board said it recognised the contribution Mr Jenkins had made over the past three years, and was "extremely grateful to him for bringing the company to a much stronger position". | The board said it recognised the contribution Mr Jenkins had made over the past three years, and was "extremely grateful to him for bringing the company to a much stronger position". |
| But it added that the bank's non-executive directors had "concluded that new leadership is required to accelerate the pace of execution going forward". | But it added that the bank's non-executive directors had "concluded that new leadership is required to accelerate the pace of execution going forward". |
| Barclays' chairman John McFarlane has been named executive chairman until Mr Jenkins' successor is appointed. | Barclays' chairman John McFarlane has been named executive chairman until Mr Jenkins' successor is appointed. |
| Mr Jenkins said that when he had taken over as group chief executive in 2012 it was "particularly difficult time for Barclays". | |
| "It is easy to forget just how bad things were three years ago both for our industry and even more so for us. I am very proud of the significant progress we have made since then," he said. | |
| Analysis: Kamal Ahmed, BBC business editor | Analysis: Kamal Ahmed, BBC business editor |
| Make no mistake, Antony Jenkins, the chief executive of Barclays, has been fired after falling out with the board over the size of the investment bank and the pace of cost cutting. | Make no mistake, Antony Jenkins, the chief executive of Barclays, has been fired after falling out with the board over the size of the investment bank and the pace of cost cutting. |
| Mr Jenkins, who became chief executive in 2012, was told in the last few days that the board no longer had confidence that he was the right man to lead the organisation. | Mr Jenkins, who became chief executive in 2012, was told in the last few days that the board no longer had confidence that he was the right man to lead the organisation. |
| Senior sources have told me that Sir Mike Rake, the deputy chairman of Barclays, approached the new chairman, John McFarlane, to say that a number of board members were unhappy with the speed of change at the bank. | Senior sources have told me that Sir Mike Rake, the deputy chairman of Barclays, approached the new chairman, John McFarlane, to say that a number of board members were unhappy with the speed of change at the bank. |
| They wanted cost cutting to go further and more attention paid to the investment bank which is seen as under-performing. | They wanted cost cutting to go further and more attention paid to the investment bank which is seen as under-performing. |
| It is thought that Sir Mike wants Barclays to retain its global presence as a major investment bank whilst Mr Jenkins felt it should be cut back. | It is thought that Sir Mike wants Barclays to retain its global presence as a major investment bank whilst Mr Jenkins felt it should be cut back. |
| It has been made clear to me that Mr Jenkins was seen as having done a good job steadying the bank after the previous chief executive, Bob Diamond, resigned. | It has been made clear to me that Mr Jenkins was seen as having done a good job steadying the bank after the previous chief executive, Bob Diamond, resigned. |
| But it is now time for a new person at the top. | But it is now time for a new person at the top. |
| Whilst that search continues, Mr McFarlane will become chairman and chief executive, a similar role to the one he held at the insurance giant Aviva. | Whilst that search continues, Mr McFarlane will become chairman and chief executive, a similar role to the one he held at the insurance giant Aviva. |