There was an inevitability about Antony Jenkins’ departure from Barclays. From the moment John McFarlane was appointed chairman last September, it seemed that Jenkins’ card was marked.

The accepted wisdom was that Jenkins could soon be out of the door and that his removal would presage accelerated cuts at Barclays' struggling investment bank. The assumption was that McFarlane believed the house that Bob Diamond built should be dismantled harder and faster.