Barclays Chief Antony Jenkins Told To Clear Out His Desk, Turn In His ID Card

Firing Watch '15: Barclays CEOs.
Author:
Publish date:

The firing came in the form of a coup; despite being stabbed in the back, Jenkins reportedly didn't lose his sh*t, flip out and steal the company fish, or really even put up much of a fuss, as those pushing him out had expected.

The revolt was led by the bank’s nonexecutive directors, who were growing impatient with the huge British bank’s progress under Mr. Jenkins, according to bank officials. Barclays said that newly arrived Chairman John McFarlane would serve as executive chairman until a permanent replacement is found. Mr. Jenkins “was incredibly professional” when he was told last week he would have to leave, Mr. McFarlane said Wednesday.

McFarlane, as some of you might recall, goes by the same nickname as John Mack (AKA "Mack the Knife"), though Jenkins probably (?) assumed it wouldn't be used on him.

The entry of Mr. McFarlane as chairman in April paved the way for Mr. Jenkins to go. Known as “Mack the Knife” for his approach to taking on tough turnarounds and cutting costs, Mr. McFarlane vowed to shareholders that month that he would speed up the bank’s restructuring.

Anyway, best of luck to the new guy!

...the next Barclays CEO will inherit a raft of challenges. Parts of its foreign-exchange and equities businesses are being probed by regulators and prosecutors. A long-running investigation into its dealings with a Qatari investment vehicle is also still hanging over the bank.

Barclays Fires Chief Executive Antony Jenkins [WSJ]

Related

Barclays CEO Promises To Clear Out His Desk In Hypothetical Scenario In Which Bank Decides To Start Engaging In Rampant Fraud Again

Mr. Jenkins and the firm’s chairman, David Walker, told politicians on Tuesday that they were prioritizing ethics and reducing risky trading activity, adding that they would take responsibility if future problems were discovered at the bank. The Barclays’ chief, who agreed to forgo his bonus in response to the series of scandals that have hit Barclays in recent years, said he would resign if another scandal was uncovered while he was leading the bank. “The chief executive is responsible for what happens during their tenure and when incidents happen the price needs to be paid and I believe were I to find myself in that position I would do the right thing,” Mr. Jenkins said on Tuesday. When politicians asked Mr. Jenkins if he was eradicating the culture that he inherited from his predecessor Robert E. Diamond Jr., Barclays’ new chief said he was indeed “shredding that legacy” of sometimes being “too self-centered and too aggressive.” [Dealbook]

Layoffs Watch '12: Barclays

Remember when Bank of America said it was working on a little something called "Project New BAC," and it involved firing a whole bunch of employees? Barclays is apparently working on a coupla "projects" of its own.

Layoffs Watch '13: Barclays

New CEO Antony Jenkins has apparently been reading the Tarot cards on Barclays and what they're telling him is the bank is about to have 40,000 fewer employees.