The head of Barclays has sacked Antony Jenkins. And the reasons are obvious.
Only one man is the head of Barclays Bank now. And that is John McFarlane. He took over the reins of office earlier this year and is to be the bank’s CEO. Mr. McFarlane threw out Antony Jenkins from his position in the bank. Antony Jenkins was known as The Saint.
Furthermore, McFarlane will looking to minimize the costs and maximize the profits for the bank. Efficiency is the watchword. McFarlane is out to do some downsizing and lend a hand in the closing of excess bank branches.
But McFarlane believes this practice is occuring all over the banking sector so it is very natural and only to be expected. Since we are living in lean times, the conservation of resources was a direct result of the Zeitgeist.
Furthermore, automation and mobile contraptions contributed to this trend. The number of branches a bank has will inevitably dwindle. Other means will have to be sought. And middle management will be slowly weeded out in the process.
McFarlane said that the bureaucratic structure of Barclays Bank did not help much with productivity. And the level of accountability was next to nil.
These were some of the major reasons behind Antony Jenkins getting fired. Change was of the essence. Mr. Jenkins was too slow and cumbersome and he was not suitable for the progress and future of Barclays. And while he did have his strengths as an able and conservative banker, his faults were many.
Profits were few and far between. And that was what the new people entering the organization would be looking into with some serious consideration. Mr. Jenkins will easily get a job elsewhere. So his leaving Barclays was not that much of a tragedy.