Barclays boss Antony Jenkins (LON:BARC) has been ousted as boss with the bank’s most senior independent director citing the need for a “new set of skills” to drive the business forward.
Jenkins will be replaced on a temporary basis by chairman John McFarlane, who has only been in his current role since April.
It was left to City veteran and deputy chairman, Mike Rake, to pull the trigger. "I reflected long and hard on the issue of group leadership and discussed this with each of the non-executive directors,” he said.
“Notwithstanding Antony's significant achievements, it became clear to all of us that a new set of skills were required for the period ahead.
“This does not take away from our appreciation of Antony's contribution at a critical time for the company."
Jenkins succeeded Bob Diamond and was tasked with restoring the international reputation of Barclays, which has been rocked by the Libor exchange rate rigging scandal.
The former head of Barclays' retail division is said to have struggled to place on the straight and narrow, financially at least, the investment bank, which is Barclay’s worst performing arm.
Jenkins isn’t the only banking head to bite the bullet of late. The Financial Times points out that four of Europe’s biggest banks have all changed their leaders so far this year with Deutsche Bank, Credit Suisse and Standard Chartered also swinging the axe.
Chairman McFarlane told investors: “Arriving at Barclays with a fresh perspective, it is evident that we have a standout brand with first-class retail, commercial and investment banking businesses.
“Nevertheless, we are leaving value on the table and a new approach is required.
“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.”