The chief executive of British bank Barclays, Antony Jenkins, has been sacked following an apparent disagreement on the bank's direction and frustration over profits.

A statement from the bank 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 its new chairman, John McFarlane, as executive chairman from July 17th until a successor was found.

Mr Rake said of the decision: "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 reasoning behind the decision, hinting that further restructuring and job cuts may be on the way.

"It is evident that we have a standout brand with first-class retail, commercial and investment banking businesses," he said.

"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."

The bank's share price opened 2.6% higher on the news.

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.

Pre-tax profits for its first quarter fell 26% to £1.4bn (€1.95bn). Barclays is due to announce its half-year figures at the end of the month.