Barclays axe chief executive
It is all go in the banking world, with loads of fines still being handed out, notably with Barclays. With that, Antony Jenkins has been given the chop as the boss of the bank, just three years into the job, after he got promoted after the Libor scandal.
The job is being given to the new chairman, John McFarlane, who is the new guy in the office after he got the gig in April. It is thought that this will only be a temporary role.
Sir Mike Rake, who happens to be a senior independent director at Barclays, said: "I reflected long and hard on the issue of group leadership and discussed this with each of the non-executive directors. 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."
That's the fancy business way of palming someone off by saying: 'It's not you, it's me.'
So what has Jenkins been doing to get him the sack? Well, he was trying to restore Barclay's reputation by cutting back the investment banking operations which had caused a lot of the scandals surrounding Libor rigging. One thing that didn't go down well was to increase bonuses at the company, when profits had dropped through the floor. He wanted to stop an exodus of staff with money - a lot of people thought he was taking the piss.
That leaves McFarlane walking into a job after the board have ousted the old boss, just like he did when he became a bigwig at Aviva where he stepped in after a load of sackings. If you're the big cheese on a board and you see Jack McFarlane walk into the office, you'd be wise to get straight on the job centre website.
McFarlane said: "Whilst it is unfortunate that I have had little time to work with Antony, I respect and endorse the position of the board in deciding that a change in leadership is required at this time. I would add my personal thanks for everything that Antony has done for us. He can be proud of his heritage, especially his excellent work on culture and values that we will continue. I wish him well."
"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."