By Jonathan Davies

The chief executive of Barclays, Antony Jenkins, has been sacked after falling out with the board over the pace of its cost-cutting and the size of its investment bank.

The bank's deputy chairman Sir Michael Rake said he had "reflected long and hard on the issue of group leadership", and said a "new set of skills" was needed to take Barclays forward.

In a statement, the board it was "extremely grateful" to Mr Jenkins, who was appointed in 2012, for "for bringing the company to a much stronger position".

But the board also said that its non-executive directors "concluded that new leadership is required to accelerate the pace of execution going forward".

Barclays chairman John McFarlane will takeover from Mr Jenkins while a successor is found.

Mr Jenkins said: "It is easy to forget just how bad things were three years ago both for our industry and even more so for us. I am very proud of the significant progress we have made since then."