Ex-Barclays boss Antony Jenkins surprised at sacking

The former chief executive of Barclays, Antony Jenkins, has spoken of his surprise at being sacked over the summer after just three years in the top job.

He learned of the board’s decision to fire him in a phone call from the British bank’s chairman John McFarlane.

Asked if he had been shocked to be told by phone, he told the BBC: “Well, I’m a human being, so I have to say that it was surprising to me, but I completely respect the authority of the board in choosing the CEO.”

He added: “And I’m realistic. I’ve been in corporate life for over 30 years. These things happen. The bank was performing very well.”

McFarlane said at the time that Jenkins’ strategy was not at issue, but the speed of change was. Barclays shares rose 3% on the news of his departure. Jenkins said on Thursday he felt he needed five to 10 years to change the lender’s culture.

He said: “It is a source of regret to me that I wasn’t able to complete the work.” He added that he was proud of his three years at the helm, arguing that he left the bank in much better shape than it was in when he took the job in August 2012 in the wake of the Libor scandal.

Meanwhile, Barclays has announced the sale of its Italian retail banking network to Mediobanca Group’s retail arm at a loss of £200m.

The bank said it had agreed to sell 89 branches in Italy to CheBanca!, as part of efforts to sell its continental European retail banking operations. The resulting loss after tax of £200m will be booked in the fourth quarter.

Jes Staley, Barclays’ new chief executive, said: “This transaction is further evidence of the reshaping of Barclays Group to focus on our core businesses.”

Barclays has sold its retail banking operations in Spain and Portugal and also wants to sell some assets in France.

It will hold on to its investment banking and corporate banking arms in Italy but wants to sell its residential mortgage portfolio, worth around €1bn. It is in exclusive talks with US asset manager Fortress.

Staley, a former JP Morgan investment banker, started his new role on Tuesday.