Barclays Plc Chairman John McFarlane, barely two months into the job, ousted Chief Executive Officer Antony Jenkins and pledged to tackle a "cumbersome and bureaucratic" bank. The shares rose.

McFarlane, 68, who joined in April, will take over as executive chairman while Barclays looks for a successor to Jenkins, 53, the London-based lender said in a statement on Wednesday. Jenkins, a former consumer banker, took over from Robert Diamond in 2012 after the bank was fined for manipulating benchmark interest rates.

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