The bank’s statement said: “The non-executive directors led by Sir Michael Rake, deputy chairman and senior independent director, concluded that new leadership is required to accelerate the pace of execution going forward.
“The Board recognises the contribution made by Antony Jenkins as chief executive over the past three years in incredibly difficult circumstances for the group, and is extremely grateful to him in bringing the company to a much stronger position.
“The situation he inherited would have challenged anyone facing the same issues.”
The bank said it would appoint chairman John McFarlane as executive chairman from 17 July until a successor was found, Sky News reports.
Sir Mike Rake added: “I reflected long and hard on the issue of group leadership and discussed this with each of the non-executive directors.
“Notwithstanding Antony’s significant achievements, it became clear to all of us that a new set of skills were required for the period ahead.
“This does not take away from our appreciation of Antony’s contribution at a critical time for the company.”
Mr McFarlane’s comments offered more on the reasons behind the decision.
He said: “It is evident that we have a standout brand with first-class retail, commercial and investment banking businesses.
“Nevertheless, we are leaving value on the table and a new approach is required.
“As a Group, if we aspire to bring shareholder returns forward, we need to be much more focused on what is attractive, what we are good at, and where we are good at it.
“We therefore need to improve revenue, costs and capital performance. We also need to become more externally focused and deal with the internal bureaucracy by becoming leaner and more agile.”
Mr Jenkins took over in the wake of the departure of Bob Diamond amid the Libor rate scandal.
Under his tenure, the bank moved to shrink its investment banking arm and shift its focus towards its retail operation.
However, its results have continued to be hit by the effects of the restructuring and past mistakes.
