By Steve Slater
LONDON Feb 3 Barclays Chief Executive
Antony Jenkins has turned down his 2013 bonus, saying it would
be inappropriate given the bank's hefty bill to pay for past
problems and its need to call on investors for cash.
Jenkins could have received a bonus of up to 2.7 million
pounds ($4.4 million). It is the second year he has waived his
bonus after becoming chief executive in August 2012.
"I have concluded that it would not be right, in the
circumstances, for me to accept a bonus for 2013, and I have
therefore respectfully declined the one offered to me by the
board," Jenkins said in a statement on Monday.
He said that was because of the very significant costs which
have been required to address legacy litigation and conduct
issues and the cost of getting out of areas the bank does not
want to stay in, such as tax advisory.
Barclays raised 6 billion pounds from a rights issue after
being told by its regulator to shore up its capital.
Jenkins is attempting to improve culture and standards at
Barclays, after a fine for the alleged manipulation of Libor
interest rates uncovered a series of other problems. He is keen
to distance himself from his predecessor, Bob Diamond, who was
paid tens of millions of pounds, mainly when he ran investment
banking, over more than a decade.
Jenkins' base salary is 1.1 million pounds and he can
receive 250 percent of that as an annual bonus and 400 percent
of salary in a long-term share award.
He was paid 2.6 million pounds in 2012, including 833,000 in
salary, 1.5 million from a long-term incentive award, 215,000 in
lieu of pension and 81,000 in benefits.