Sacked bank boss will still receive £2.4m

Barclays Bank has announced the dismissal of its Chief Executive after concluding it required an acceleration of pace going forward…

Anthony Jenkins has left Barclays Plc where he held the Chief Executive role and the bank has appointed John McFarlane as Executive Chairman pending the appointment of a new Chief Executive.

Despite revealing Mr Jenkins would be leaving with immediate effect, he is entitled to 12 months’ notice from Barclays which means he will continue to receive his annual salary of £1.1m along with £950,000 per annum role-based pay and a pension allowance of £363,000 per annum until 7th July 2016.

Barclays announced it was conducting a search for Mr Jenkins’ successor after Non-Executive Directors led by Sir Michael Rake, Deputy Chairman and Senior Independent Director, concluded that new leadership was required to accelerate the pace of execution going forward.

“I reflected long and hard on the issue of Group leadership and discussed this with each of the Non-Executive Directors,” said Sir Michael.   

“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.”

Members of the Group Executive Committee will now report to Mr McFarlane, who said since arriving at Barclays it was evident they were leaving value on the table and they needed a new approach.

“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,” said John.

“We therefore need to improve revenue, costs and capital performance.  We also need to become more externally focused and deal with the internal bureaucracy by becoming leaner and more agile. 

"I have experienced good results in dealing with these matters elsewhere.”

Antony Jenkins became Group Chief Executive in the summer of 2012 and said he was very proud at what he achieved during his three years at the helm.

“I want to thank the people of Barclays for their tireless efforts and support in achieving these results and for my own part I am looking forward to the professional opportunities that lie ahead,” said Antony.