In a statement, the board called for a “new set of skills” to lead the group for the period ahead.

Jenkins will depart next week and be replaced by Barclays’ chairman John McFarlane until a successor is appointed.

Sir Michael Rake, deputy chairman and senior independent director of the group, said: “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.”

Barclays has been hit with record fines for forex riggings and PPI in recent months.

Early investor reaction to Jenkins’ departure was positive, with Barclays’ share price up by over 2% in opening UK stock market trading.

Keith Bowman, equity analyst at Hargreaves Lansdown Stockbrokers, said: “The news comes as something of a shock, although it follows recent CEO changes at European rivals Deutsche Bank and Credit Suisse.

“Some rebalancing of Barclays away from Investment Banking and back towards Retail Banking has been completed by Mr Jenkins. The departing CEO’s expertise in Retail Banking followed the previous CEO’s in Investment Banking and now arguably leaves the bank at something of a crossroads.

“Mr Jenkins’ lack of investment banking experience may have proved a factor in today’s announcement, with a more rounded leader now required.”