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