Barclays CEO Says It Would Be Wrong for Him to Get 2012 Bonus

Antony Jenkins, who was promoted to CEO in August, says he must "bear an appropriate degree of accountability."

Justin Loiseau
Justin Loiseau
(TMFJLo)
Feb 1, 2013 at 11:09AM
Financials

In a statement released today, Barclays (NYSE:BCS) CEO Antony Jenkins announced that he would forgo his annual bonus for 2012.

"The year just past was clearly a very difficult one for Barclays and its stakeholders, with multiple issues of our own making besetting the bank," wrote Jenkins. "I think it only right that I bear an appropriate degree of accountability for those matters, and I have concluded that it would be wrong for me to receive a bonus for 2012 given those circumstances."

Jenkins said he has told the board that he does not wish to be considered for a bonus award for 2012.

Jenkins, who previously served as Barclays head of consumer business, was promoted to CEO in August 2012 after Robert Diamond resigned following the bank's LIBOR scandal.

According to The Wall Street Journal, Jenkins' contract made him eligible to receive a bonus equal to $4.25 million, 250% of his $1.7 million annual salary.