Barclays expels Chief Executive Antony Jenkins

According to reports, British lender Barclays' shares have been affected by heavy fines because of past misconduct in addition to a strategic drift. Now, the bank has expelled its Chief Executive Antony Jenkins after three years of his joining as executive.

The bank said that it believes that the new appointment would help speed up change in strategies at the bank and enhance shareholder returns.

According to analysts at brokerage Shore Capital, "This announcement was not something that we have expected, but given John McFarlane's history as a 'hands-on' chairman, it is perhaps not a big surprise". They said in a note that the decision will only prove good if it acts as a way for an increased improvement in financial performance of Barclays.

The announcement has been made weeks after John McFarlane was appointed as chairman of the bank and hinted that he would accelerate its plan of coming up with such changes. McFarlane will act as Chief Executive until appointment of a permanent successor.

Barclays also said that Jenkins would be getting salary of 1.1 million pounds ($1.7 million) for a year in addition to a pension allowance of 363,000 pounds, 950,000 pounds worth of shares, and other benefits.

Jenkins was occupied the position following he served as head of retail at Barclays after the Bob Diamond left the bank since it wanted to reduce its investment banking activities. Jenkins will also get a pro-rata performance bonus for the present year.