Barclays CEO Says It Would Be Wrong for Him to Get 2012 Bonus
Feb 1st 2013 11:17AM
Updated Feb 1st 2013 11:22AM
In a statement released today, Barclays 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.
The article Barclays CEO Says It Would Be Wrong for Him to Get 2012 Bonus originally appeared on Fool.com.Fool contributor Justin Loiseau has no position in any stocks mentioned. You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.