British multinational banking and financial services company, Barclays, has ousted its chief executive Antony Jenkins.
Antony Jenkins was fired after a long running disagreement with the board over how the bank should be run.
It is thought the board were looking towards a different strategy and wanted Barclays to have more of a focus on the investment banking side and have larger cuts to the costs. The bank’s chairman John McFarlane said, “What we need is profit improvement. Barclays is not efficient. We are cumbersome.”
The news sent the shares in Barclays up more than 3% in early trade.
Jenkins had only been the chief executive for three years after he was promoted to help turn the bank around following the Libor scandal which saw Barclays involved in rate rigging. The bank was fined £290m ($450m) for attempting to manipulate a key bank interest rate.