Barclays CEO Antony Jenkins, Under Fire, Declines $4 Million Bonus

Antony Jenkins, Barclays CEO

New Barclays Chief Executive Antony Jenkins has opted not to take a bonus for 2012, saying he should "bear an appropriate degree of accountability" for the difficult year his bank endured.

Jenkins, who became CEO in August, said he was aware of considerable speculation about his bonus so to avoid further unnecessary public debate decided this week that he did not want to be considered for an award on top of his base salary of 1.1 million pounds. He was entitled to an annual bonus of up to 2.75 million pounds ($4.36 million).

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Bankers' pay has become a political hot potato in Britain with lawmakers from all parties demanding a crackdown on bonus payments to appease a public which has become disenfranchised with its banks following the 2008 financial crisis.

Barclays is under particular pressure to show restraint this year after being fined $450 million for its part in a global interest rate rigging scandal and criticism that its culture and standards were too lax.

The bank has also, along with other banks, been plagued by mis-selling scandals in its retail business, which Jenkins ran before taking up the role of CEO following former Chief Executive Bob Diamond's departure.

Barclays is in the process of finalizing 2012 bonuses for staff. Overall pay for investment bankers is expected to be cut by up to a fifth.


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33 Comments

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drb107

Other greedy CEO's are laughing at him all the way to the bank. I would have taken the bonus and cut the pay of the workers for not producing a profit for the company and that would offset the bonus.

February 03 2013 at 2:44 PM Report abuse rate up rate down Reply
slaytonc

Symbolic to say the least, but a good kind of symbolic. Bonus was probably in the form of stock options, so little if any actual cash was involved. Put it into a scholorship fund for future generations.

February 03 2013 at 2:44 PM Report abuse rate up rate down Reply
VIPRLARES

Wow, what a concept...decline a bonus. Now, this is something that all CEO's should mirror.

February 03 2013 at 1:41 PM Report abuse +1 rate up rate down Reply
jankantius

OMG ... sooo many spelling/language nazis on here and no one picks up on "disenfranchised" in the story? We tolerate way too much from seemingly intellectual authors. If you suspect an impropriety of usage check it out. At first glance I thought it was just me... So I checked.

February 03 2013 at 12:41 PM Report abuse rate up rate down Reply
dheb591

Since $4 million is available how about putting it back into the ecomomy --- or to help homeless children living on the streets or to Vets who are homeless. ALOT of good can come of that money. They should ALL be required to give up at least half and actually DO something with it. Not go back into the company for a future withdrawl.

February 03 2013 at 11:39 AM Report abuse rate up rate down Reply
timrwright

How in the world is he ever going to manage to get by on his lowly base salary of only $1,600,000.00???

February 03 2013 at 11:29 AM Report abuse +1 rate up rate down Reply
MJYOX

hmmmm....American Corporate should take note....you shouldn't get bonuses for failure or sub par business management. I hope corporate at American Airlines reads this

February 03 2013 at 10:36 AM Report abuse +1 rate up rate down Reply
1 reply to MJYOX's comment
wurkinman1

hey MJYOX....you read my mind ,to the T

February 03 2013 at 11:30 AM Report abuse rate up rate down Reply
bonnied5555

I applaud him - OUR ceo took a 7 million dollar RAISE this year and he is supposed to be cutting costs for the company . I lost all respect for him when he did that . ( He makes 12.9 MILLION a year now ) How can you possibly justify that ---

February 03 2013 at 10:31 AM Report abuse rate up rate down Reply
rkeeeballs

He will get that back and more....next year !....yup. It's all an illusion.

February 03 2013 at 10:07 AM Report abuse +1 rate up rate down Reply
Karine

I wish the same would happen in the Unitided States.. It is sheer gluttony and insanity to pay these Execs Millions. for what? Because they are best screwing the public? Only in America! The worst of it.. The governments supports these Sheisters. No doubt: "America has the best democracy Corporate and Banking Lobbyists can buy,"

February 03 2013 at 8:36 AM Report abuse +1 rate up rate down Reply

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