Scandal-hit Barclays bank axes chief executive

02:38 PM | 8 Jul, 2015
Scandal-hit Barclays bank axes chief executive
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LONDON (APP) - Troubled British bank Barclays, plagued by the forex and Libor rigging scandals, announced Wednesday that it has fired chief executive Antony Jenkins.

Barclays management has "concluded that new leadership is required" to accelerate an overhaul of the beleaguered group, it revealed in a statement on the surprise decision.

"I reflected long and hard on the issue of group leadership and discussed this with each of the non-executive directors," said deputy chairman Sir Michael Rake.

"Notwithstanding Antony's significant achievements, it became clear to all of us that a new set of skills were required for the period ahead."

Jenkins replaced Bob Diamond in July 2012 -- who himself was forced to resign after the damaging Libor rate-fixing scandal. The retail banking veteran had vowed to bring a new culture of decency to Barclays, and oversaw drastic restructuring that shrank its investment bank. Barclays was fined #290 million by British and US regulators in 2012 for attempted manipulation of Libor and Euribor interbank rates 2005 and 2009.