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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."

By Justin Loiseau – Feb 1, 2013 at 11:09AM EST

In a statement released today, Barclays (BCS +0.09%) 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.

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About the Author

Justin hails from the great united state of North Carolina, where he started his first business at the ripe age of five: melting crayons into candles. With the infamous Crayola Crash of 1994, Justin moved on to study economics and environmental studies at University of North Carolina as a Morehead-Cain Scholar and completed a Master's in Economics at the University of Auckland as a Rotary Ambassadorial Scholar. He has worked in a variety of sectors across the globe, from management consulting to the United Nations, and is a 2012 graduate of the Foolish Freelance Writers Academy. In his spare time, you can find him working with NGOs, foundations, governments, and others to cultivate research partnerships and ensure that program and policy decision-making is informed by scientific evidence. Follow @TMFJLo

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Stocks Mentioned

Barclays

NYSE: BCS

$23.43

(+0.09%)+$0.02

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