Barclays ousts CEO

Barclays CEO Antony Jenkins will step down later this month after the bank's board decided he was "not the right person," Chairman John McFarlane told CNBC.

Effective July 17, McFarlane will become executive chairman, and a search will launch for a new CEO.

McFarlane said issues have become obvious within the organization.

"One is that it is a very clunky type of organization," he said. "It's not fast-moving; it's not lean; it's not agile - it is with customers, but it isn't in terms of execution. Our efficiency levels are low, our capital is being used in the wrong way and we really need to deal with that and very quickly."

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