Barclay’s CEO Anthony Jenkins has been sacked over the lack of cost cuts and changes to the investment bank.

Chairman John McFarlane will step in as caretaker CEO until a suitable replacement is found.

“Whilst it is unfortunate that I have had little time to work with Antony, I respect and endorse the position of the board in deciding that a change in leadership is required at this time,” said Mr. McFarlane

Jenkins’ exit follows a number of changes at the top of major investment banks whose boards and investors felt the man at the top wasn’t the most appropriate person to navigate changes in regulations and deliver cost synergies.

“The board recognizes 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,” Barclays said in statement.

Shares in Barclays traded up 3.3% in early London trade.