Sacked Barclays CEO Antony Jenkins 'set to receive £500,000 bonus'

Barclays said that former CEO Antony Jenkins' contract entitled him to 12 months' notice from the company.
Barclays said that former CEO Antony Jenkins' contract entitled him to 12 months' notice from the company.PHOTO: THE BUSINESS TIMES FILE

LONDON - Mr Antony Jenkins, Barclays' former chief executive officer, is set to receive a £500,000 (S$976,500) bonus, despite being sacked by the British bank in July last year, according to UK media reports on Sunday (Feb 28).

Barclays said that Mr Jenkins' contract entitled him to 12 months' notice from the company.

This means that until July 7 this year, he will continue to receive his existing salary of £1.1 million, an additional allowance worth £950,000 a year paid in shares, a pension allowance worth £363,000, and other benefits, The Guardian reported.

He is also still eligible to receive a pro-rata bonus related to his performance in the first part of 2015.

Barclays announces its annual results on Tuesday, and Sky News said the bank would also announce a £500,000 bonus for Mr Jenkins.

This bonus would amount to about a quarter of Mr Jenkins' fixed pay. A share bonus scheme that was also performance related could yield further payouts worth several millions, said The Guardian.

In 2015, after waiving payouts in his first two years at the bank, Mr Jenkins received a bonus of £1.1 million, equal to 57 per cent of the maximum he could receive. Combined with other incentives and benefits, his total remuneration package added up to almost £5.5 million.

On Friday, taxpayer-backed Royal Bank of Scotland was forced to defend a £3.8 million pay package for its chief executive, Mr Ross McEwan, as the bank announced a £2 billion annual loss.

Barclays first-half earnings, announced last July, rose 25 per cent to £3.1 billion, despite a £1.8 billion provision to cover fines for rigging foreign exchange markets and payouts to customers for mis-selling payment protection insurance.