Barclays CEO turns down bonus for 2013
LONDON (REUTERS) - 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 (S$5.66 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," Mr 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.