The British bank is understood to have issued information to prospective bidders about the two businesses in recent weeks. “The time for this, it appears, is now”.
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Members of the Group Executive Committee will now report to Mr McFarlane, who said since arriving at Barclays it was evident they were leaving value on the table and they needed a new approach.
The bank’s share price, at around 260p, is at a similiar level to six years ago and McFarlane is keen to bolster returns to shareholders after a period dogged with rows over bonuses and multimillion-pound fines from regulators around the world.
As stated by 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”.
Barclays announced it was conducting a search for Mr Jenkins’ successor after Non-Executive Directors led by Sir Michael Rake, Deputy Chairman and Senior Independent Director, concluded that new leadership was required to accelerate the pace of execution going forward.
Both are clearly in agreement that Jenkins’ departure was a matter of when not if, and – despite McFarlane’s declaration that Barclays is not in a “massive rush” to find a replacement – that the bank is cognisant of the importance of speeding up the restructuring process.
Barclays declined to comment on Thursday.
“It’s the best possible public message that we could have wished for. As interim CEO, he’ll have the perfect chance to get his head under the bonnet”, the Aviva executive said.
He also emphasized the importance of the investment bank in Barclays’ strategy, seeming to rule out any chance of Barclays exiting it altogether.
Mr McFarlane said it was important to make “the right decision, not a quick one”.
Industry sources say the pair had failed to develop a rapport.
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Another internal candidate could be Jonathan Moulds, the former Bank of America Merrill Lynch (BAC.N) executive who was appointed to the newly created role of chief operating officer in January.
