Antony Jenkins, the chief executive of Barclays, has been fired after falling out with the board over the pace of the bank's cost cutting.

In a statement, Barclays deputy chairman Sir Michael Rake said he had "reflected long and hard on the issue of group leadership". He said a "new set of skills" was required at the head of the group. Mr Jenkins has been Barclays' chief executive since 2012. The bank said a search for his successor was under way. Barclays' chairman John McFarlane has been named executive chairman until Mr Jenkins' successor is appointed.

'Profit improvement'

Mr McFarlane told Kamal Ahmed, the BBC's business editor, that Mr Jenkins was a tremendous retail banker. He said his skill set had been suitable when he took the top post but that the firm's needs had changed "What we need is profit improvement," he said. "Barclays is not efficient. We are cumbersome."Personal accountability needs to improve, he added. When the BBC asked him about future job cuts, he did not rule them out......Read more here