In a statement, Barclays deputy chairman Sir Michael Rake said he had "reflected long and hard on the issue of group leadership".
He said a "new set of skills" was required at the head of the group.
Mr Jenkins has been Barclays' chief executive since 2012. The bank said a search for his successor was under way.
Barclays' chairman John McFarlane has been named executive chairman until Mr Jenkins' successor is appointed.
'Profit improvement'
Mr
McFarlane told Kamal Ahmed, the BBC's business editor, that Mr Jenkins
was a tremendous retail banker. He said his skill set had been suitable
when he took the top post but that the firm's needs had changed.
"What we need is profit improvement," he said. "Barclays is not efficient. We are cumbersome."
Personal accountability needs to improve, he added.
When the BBC asked him about future job cuts, he did not rule them out.
Nor did he rule out the possibility of branch closures.
"Inevitably, banks are going to have fewer branches than they have now," Mr McFarlane said.
He
also told the BBC that Barclays would not renew the famous Barclays
premier league sponsorship when it expires later this year
Make no mistake, Antony Jenkins, the chief executive of Barclays, has
been fired after falling out with the board over the size of the
investment bank and the pace of cost cutting.
Mr Jenkins, who became chief executive in 2012, was told in the last few days that the board no longer had confidence that he was the right man to lead the organisation.
Senior sources have told me that Sir Mike Rake, the deputy chairman of Barclays, approached the new chairman, John McFarlane, to say that a number of board members were unhappy with the speed of change at the bank.
They wanted cost cutting to go further and more attention paid to the investment bank which is seen as under-performing.
It is thought that Sir Mike wants Barclays to retain its global presence as a major investment bank whilst Mr Jenkins felt it should be cut back.
It has been made clear to me that Mr Jenkins was seen as having done a good job steadying the bank after the previous chief executive, Bob Diamond, resigned.
But it is now time for a new person at the top.
Whilst that search continues, Mr McFarlane will become chairman and chief executive, a similar role to the one he held at the insurance giant Aviva.
Mr Jenkins, who became chief executive in 2012, was told in the last few days that the board no longer had confidence that he was the right man to lead the organisation.
Senior sources have told me that Sir Mike Rake, the deputy chairman of Barclays, approached the new chairman, John McFarlane, to say that a number of board members were unhappy with the speed of change at the bank.
They wanted cost cutting to go further and more attention paid to the investment bank which is seen as under-performing.
It is thought that Sir Mike wants Barclays to retain its global presence as a major investment bank whilst Mr Jenkins felt it should be cut back.
It has been made clear to me that Mr Jenkins was seen as having done a good job steadying the bank after the previous chief executive, Bob Diamond, resigned.
But it is now time for a new person at the top.
Whilst that search continues, Mr McFarlane will become chairman and chief executive, a similar role to the one he held at the insurance giant Aviva.
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