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Barclays boss Jenkins turns down bonus

by Alex Steger on Feb 01, 2013 at 11:47

Barclays boss Jenkins turns down bonus

Barclays chief executive Antony Jenkins has rejected a bonus for 2012.

Earlier this week Barclays was criticised by MPs over its bonus culture.

Previous chief executive Bob Diamond received £2.7 million for 2011.

Last year Barclays paid out £290 million in fines over its role in the Libor fixing scandal.

According to the Financial Times Jenkins’ contract suggested he could have been in line for a £2 million bonus.

Jenkins (pictured) said he had been moved to issue a statement following mounting public speculation.

‘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,’ he said.

‘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.’

13 comments so far. Why not have your say?

John Phillips

Feb 01, 2013 at 11:52

He won't be very popular at the club after work today!

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Reverend Carmel Jones

Feb 01, 2013 at 11:58

See despite all of Hectors negative press, he's already having a good influence.

God bless him

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Mad Eyes

Feb 01, 2013 at 11:59

..keeping up with the Beckhams

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John Smyth 3

Feb 01, 2013 at 12:07

Thats big of him!!!

He and many others at the top of the banks should have been fired and prosecuted. They have been defrauding the public for years and pressurising their employees to do it.

Bank account charges over charging, PPI, Bond miselling, Interest rate swaps, Libor etc. etc.

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John Burchett

Feb 01, 2013 at 12:19

Good to hear but it is the whole management (term used loosely) team that should not receive bonuses. I only followed orders just doesn't do it.

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One is afraid

Feb 01, 2013 at 12:33

Now Hector has been let off his lead he must have copped the CEO by the water cooler. "Be very afraid Mr Jenkins, lets give up our bonus, shall we. That way I can tell the poor little people out there that my 3 million over 2 years was performance related" Oooh, I am a good old Hector.

In a roundabout sort of way, Sir Heccup is a bit of Robin Hood except that he steals from the rich and the poor and keeps for himself. Not a patch on Errol Flynn, mind you they do have 'large packets' in common - one being in terms of pay. Running around Barclays HQ in green tights firing little arrows and generally being a pain in the wages dept.

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complacency rules

Feb 01, 2013 at 13:05

It is a nice gesture but it is only a gesture and a very small one at that. There are still several issues to be considered:

What has he done in the short time he has been at the helm to be in line for a £2m bonus?

In his various roles at the bank prior to this appointment he no doubt received bonuses based on PPI mis-selling inflated profits, should not he (and others within Barclays) be repaying these and perhaps be facing prosecution?

By the same logic, all those who bonus-benefited from LIBOR cheating and PPI and the hundred and one other cheating activities should have their bonuses reclaimed (and even pensions reduced as with Fred Goodwin).

Yes a nice gesture but should not the FSA be seeking to ban him from any financial control position for his part in the PPI scandal, and should not the DTI be seeking to ban him from holding any Directorship for the same reason?

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David Curley Dip extrodinaire

Feb 01, 2013 at 14:01

Interesting that FSA say they could not get to the heads of the banks, but Hectors got a seat there now so they should know where to look and, is Hector now going to make them very afraid and shop them all to the FSA.

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John Phillips

Feb 01, 2013 at 14:12

@DC dip

I think you'll find Hector there to sheild them from his old pals, not the other way round.

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Usually found sitting on the fence

Feb 01, 2013 at 16:42

@ Complacency Rules - If only it was all that simple. The trouble is that there will be innocent benefactors that could be placed into quite serious financial trouble. It may start at the top, but as is often the way it will rumble down through the ranks and forever gaining momentum, until finally the lowly paid, who received modest bonuses are expected to pay back theirs too. Some may say rightly, but how likely is it that the more modest paid would be aware of what was going on?

Outside of banking, it seems everyone wants something to change, wants there to be accountability and for justice to be seen to be carried out. The trouble is, cynically speaking, how likely is that when gamekeeper turns poacher? Plus the remaining gamekeepers are keeping their future career prospects open by being nicey nicey with the big boys (Let's be honest, it's not just banks).

Personally, I don't really care much for any of the involved employees being found guilty and punished through the courts. They will be replaced by similarly minded individuals, most likely.

The entire system needs a good shake up, from taxation through to how individuals are remunerated to avoid taxation... Unlikely to happen, afterall, how many politicians benefit from the current crazy rules?

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Should Know Better

Feb 01, 2013 at 18:42

Turn down a bonus ?he shouldn't be given one to turn down ....

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complacency rules

Feb 04, 2013 at 09:11

@Usually found Sitting on the fence

I actually agree with most of what you say and I did not envisage bonus clawbacks for all staff. I suggest that a line be drawn regarding the level of bonuses and that claw back be only on the excrss of that line. There are many very good people working for banks and we shou;ld be careful not to tar them all with the same brush.

Unfortunately I also agree with your cynical approach that no one will be found accountable but I still think it is worth making a song and dance about. You never know, the message might get through. I do also think that if a few examples are made then this will encourage the others.

Even this weekend we have seen more bad news for Barclays regarding their Far East funding. At the same time, and does anyone believe this to be just a coincidence, their Head of Finance and Head of Law have resigned. If the new Chairman and new CEO (himself an offender on PPI mis-selling) were serious about changing Barclays culture, they would have been proactive abpout finding out things like this and sacking those responsibile, not wait until the press finds out.

Lets keep tilting at windmills we may eventually succeed with one.

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Usually found sitting on the fence

Feb 04, 2013 at 09:50

@ Complacency rules - fair points. I must admit I did think I would have worded my comments differently had I known about the resignations and the far east funding issues raised. Not yet up to speed on all the issues, but it certainly looks bad when 2 heads step down at the same time.

Having spoken with a few friends over the weekend, I am less cynical about there being some accountability and some individuals being made to pay for their actions. Whether they are able to go far enough, remais to be seen, but perhaps the upper ranks will tumble like a pyramid of cards as those facing the music feel betrayed and abandoned, leading to a flood of confessions and accusations... Maybe.

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