Barclays fired it’s Boss. Antony Jenkins has to leave. “A new approach is needed.”
The british bank Barclays removes suprisingly it’s chief executive. The companies board of directors decided Antony Jenkins is not the right manager to bring the bank forward.
Eventhough Jenkins initiated the restructuring of the bank and did good work in the past 3 years, he is not the right person for the upcoming tasks. The board of directors chef John Mc Farlane will lead the bank until a replacement is found.
This is already the 4. change of management in a large European bank this year – after Deutsche Bank, Credit Suisse and Standard Chartered. After the announcement the stock price went up 3 percent.
“A new approach is needed.”, Barclays explained the change in management. The bank is not using it’s potential and has to become more attractive for shareholders. The costs have to be reduced and the income increased.
Also the business has to be tightened and flexibility has to increase. Jenkins took over at Barclays in 2012 in order to straighten the bank after the financial crisis. He rolled back the core business investment banking and administered a change in culture. Similar to Deutsche Bank inherited burdens catch up and make the new start harder and are binding alot of resources.