Reuters reports that for the second year in a row, Barclays Chief Executive Officer Antony Jenkins has turned down the bonus offered to him. This time around, he said that it would be inappropriate to take the money, in light of “the bank’s hefty bill to pay for past problems.” All of this probably comes as a surprise to another CEO, whose name shall not be mentioned, who thought they agreed to put up a united front re: bonus accepting in the face of legal fees, be they Libor, whale, mortgage, or alternate side parking ticket-related, and who at this moment is angrily dictating an email thanking Jenkins for making him look like a Grade A Jackass.
Jenkins could have received a bonus of up to 2.7 million pounds ($4.4 million). It is the second year he has waived his bonus after becoming chief executive in August 2012. “I have concluded that it would not be right, in the circumstances, for me to accept a bonus for 2013, and I have therefore respectfully declined the one offered to me by the board,” Jenkins said in a statement on Monday. He said that was because of the very significant costs which have been required to address legacy litigation and conduct issues and the cost of getting out of areas the bank does not want to stay in, such as tax advisory.
Barclays CEO turns down bonus for 2013 [Reuters]