July 8 (Reuters) - British bank Barclays has oustedChief Executive Antony Jenkins after three years in the post,saying on Wednesday it had decided new blood would helpaccelerate strategic change and boost shareholder returns.
Following is a timeline of events leading up to thedecision:
July 2012
Barclays is fined a record $450 million for manipulatingLibor benchmark interest rates, prompting the resignation of CEOBob Diamond and Chairman Marcus Agius. Finance minister GeorgeOsborne welcomes Diamond's departure, saying he hoped it was the"first step towards a new culture of responsibility" in banking.
August 2012
Barclays names Jenkins, previously head of its retailoperations, as chief executive, signalling a shift from riskierinvestment banking. With a soft-spoken manner contrasting with Diamond's more brash approach, Jenkins says Barclays had mademistakes and had to change to recover from them.
It also names David Walker, a veteran of the Britishfinancial sector whose previous posts included chairman ofMorgan Stanley International, as chairman.
September 2014
Barclays names John McFarlane, chairman of insurer Aviva and former chief executive of Australia and New ZealandBanking Group, as chairman to oversee its efforts tostamp out wrongdoing and improve performance.
March 3 2015
Jenkins threatens more cuts to Barclays' underperforminginvestment bank after a 750 million pounds ($1.2 billion) chargeprovides fresh evidence of the costs of past misdemeanours bytraders.
Jenkins accepts his first bonus since taking charge afterthe bank improves its capital strength and sheds unwantedassets, helping his pay to more than treble to 5.5 millionpounds. Yet Barclays continues to be dogged by past conductproblems and lacklustre returns in investment banking andJenkins says he would take a knife once again to the investmentbank arm if it does not improve its profitability.
Returns in the investment bank were just 2.7 percent in2014, well short of its target of 12 percent, although the banksays this was artificially low due to the impact of deferred payfrom past years, conduct and legal costs and restructuringcharges.
April 23 2015
McFarlane formally takes over as chairman and signals hisintention to accelerate its turnaround plan.
His arrival raises some expectations that the downsizing ofthe investment bank could accelerate, after he sold dozens ofunits in a revamp at insurer Aviva.
July 8 2015
Barclays ousts Jenkins and says McFarlane will assumeexecutive duties until a permanent successor is appointed.McFarlane says independent directors of Barclays had beenconcerned about Jenkins's style of leadership for some time andhe had spoken to the CEO last week. His exit is then confirmedat a board meeting late on Tuesday.
(Compiled by David Holmes in London; Editing by Keith Weir)