Antony Jenkins, Chief Executive of Barclays, has been fired.

It is understood a disagreement with board members over the organisation's cost-cutting and profitability strategy is behind the move.

In a statement, Barclay's said "new leadership" was required to "accelerate the pace of execution going forward", but the change in leadership did not "signal any major change in strategy".

Non-executive director Michael Rake said: "I reflected long and hard on the issue of Group leadership and discussed this with each of the Non-Executive Directors. 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.

"Arriving at Barclays with a fresh perspective, it is evident that we have a standout brand with first-class retail, commercial and investment banking businesses. Nevertheless, we are leaving value on the table and a new approach is required. 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.

"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."

Mr Jenkins added: "It is easy to forget just how bad things were three years ago both for our industry and even more so for us. I am very proud of the significant progress we have made since then.

"Our capital position is much stronger, our business model is more balanced, we are much more disciplined on cost management, we have made good progress in rebuilding our reputation and we are seen as a leader in the application of technology to our business.

"While the external environment has continued to be, and will remain, challenging the Group now has the resilience to overcome these challenges."

Mr Jenkins has been chief executive at Barclays since 2012. A search for his successor will now begin, with chairman John McFarlane being named as executive chairman until a new chief executive is appointed.

(JP)