Barclays boss gives up '£1m' bonus

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1 February 2013

Barclays chief executive Antony Jenkins is to waive his bonus for 2012 after a "very difficult" year for the scandal-hit bank.

Mr Jenkins, who took on the role last August, said it was "only right that I bear an appropriate degree of accountability" following a year of devastating reputational blows for the group, including its £290 million settlement for Libor rate rigging.

The move follows reports that Barclays was preparing to pay Mr Jenkins a bonus worth at least £1 million for 2012. The maximum bonus he was entitled to was £2.75 million - or 250% of his £1.1 million salary.

Mr Jenkins said: "I am aware of considerable speculation about, and public interest in, the question of whether I will be awarded a bonus in respect of my performance in 2012.

"To avoid further unnecessary public debate on this matter, I wish to make clear that I concluded early this week that I do not wish to be considered for a bonus award for 2012."

His decision could set the tone for the forthcoming bonus season, with the sector once more in the spotlight over its pay plans.

Royal Bank of Scotland boss Stephen Hester has already waived his entitlement to a bonus for 2012, which he announced amid the bailed-out bank's computer meltdown last summer, but there is controversy building over potential payments to bosses at fellow banks.

When asked about Mr Jenkins's decision, a Downing Street spokeswoman said: "We still have a very clear line that any such bonuses should follow a policy of restraint and should reflect good performance. That applies to bonuses across the board."

Mr Jenkins replaced former boss Bob Diamond, who resigned in the wake of the Libor affair. He is leading a campaign to repair its battered image and overhaul its culture, which has been blamed for a string of recent scandals.

But Mr Jenkins appears to be facing an uphill struggle, with reports today suggesting it is the subject of yet another investigation as authorities look into allegations that it lent Qatar money to invest in the bank in 2008 as part of an emergency cash call to avoid a Government bailout.

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