Advertisement

Barclays CEO waives 2012 bonus amid scandals

Barclays Chief Executive Officer, Antony Jenkins, announced Friday he would waive his bonus for 2012 as the bank tries to mend its image following a series of scandals.

Barclays Chief Executive Officer, Antony Jenkins, announced Friday he would waive his bonus for 2012 as the bank tries to mend its image following a series of scandals.

Jenkins was appointed the new boss in August, following the departure of Bob Diamond, who stepped down amid the bank's alleged involvement in LIBOR rigging. Regulators in the US and UK fined the bank £290m.

Advertisement - Article continues below

"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," Jenkins said in a statement.

"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 and I have communicated that decision to the board."

"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. 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, along with other members of management, have been under the spotlight following the LIBOR affair and mis-selling of payment protection insurance.

Last week a British judge forced the bank to identify the senior staff linked to the investigation into rate fixing. Former CEOs Diamond and John Varley were named along with current Finance Director, Chris Lucas.

The bank has also come under fire following reports it was slashing about 3,500 jobs from its 23,300-strong workforce.

The move is part of a major restructuring of the bank by the new CEO. He was recently said to have issued a memo to employees outlining the bank's new ethical code of conduct - which was to be used to assess their performance. Staff who did not support the core values were advised to find another job.

Jenkins will unveil his so-called 'Project Transform' business strategy next Tuesday.

Shares fell 0.48% to 299.55p at 13:30 Friday.

RD

Advertisement
Advertisement

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

An economics lesson from my barber
Inflation

An economics lesson from my barber

On reopening his shop after lockdown, Dominic Frisby’s barber doubled his prices. It’s all part of the post-Covid inflation process – and we’re going …
8 Jul 2020
Three ideas for Lloyds Bank's new boss
UK stockmarkets

Three ideas for Lloyds Bank's new boss

The Black Horse needs whipping into shape. A change at the top provides a great opportunity, says Matthew Lynn.
12 Jul 2020
Why the moving average is my favourite charting tool
Sponsored

Why the moving average is my favourite charting tool

Traders and technical analysts use "moving averages" to iron out daily fluctuations and give a much clearer picture of a market's direction. Dominic …
13 Jul 2020