LONDON - Antony Jenkins, the chief executive of Barclays, has been fired after falling out with the board over the bank's cost cutting and profitability.
Board members are believed to have wanted bigger cost cuts and more focus on the investment bank's performance.
Chairman John McFarlane said the bank needed to become more efficient: "What we need is profit improvement. Barclays is not efficient. We are cumbersome."
In a statement, Barclays said a "new set of skills" was required at the top.
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 a new chief executive is appointed.