Barclays' Jenkins refuses £2.7m bonus

Despite the fact he could recieve up to £4 million in shares next monht, he has refused his annual bonus amid the climbing costs of dealing with issues such as Libor, interest rate swap mis-selling, and payment protection insurance.

Barclays Group CEO, Antony Jenkins, said:

“2013 has been a year of considerable positive change for Barclays, and I am particularly proud of the progress we have made in starting to rebuild trust, in defining and implementing a common culture, in repositioning the business for the future, and in significantly improving our balance sheet.

“While all of these actions are in the long-term interests of our shareholders, I am aware of the very significant costs which have been required to address legacy litigation and conduct issues in 2013, as well as to exit assets and businesses we no longer wish to participate in.

“When combined with the substantial rights issue we completed in the autumn, 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.”