Barclays PLC (BCS) CEO To Forgo His Annual Bonus


While tens of millions of football fans will be focused on the Barclays Premiership clash between title rivals Chelsea and Manchester City in the coming minutes, additional news came from Barclays PLC (ADR) (NYSE:BCS)’s chief executive Antony Jenkins earlier today.

Jenkins said earlier today that he will be declining his bonus for 2013 due to the bank’s struggles with both restructuring costs and the cost incurred by litigation.

Jenkins believes Barlcays is on the right path

While Jenkins believes that Barclays PLC (ADR) (NYSE:BCS) (LON:BARC) is back on track and doing a lot to regain the public’s trust, he made it clear that the bank has loads to do yet in order to be looked on favorably by both the British people and internationally. Barclay’s paid out “very significant costs” last year to deal with litigation as well as conduct issues and still faces struggles as it sheds certain business lines.

Crypto Hedge Fund Three Arrows Blows Up, Others Could Follow

CryptoA few years ago, crypto hedge funds were all the rage. As cryptocurrencies rose in value, hundreds of hedge funds specializing in digital assets launched to try and capitalize on investor demand. Some of these funds recorded double-digit gains in 2020 and 2021 as cryptocurrencies surged in value. However, this year, cryptocurrencies have been under Read More

“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,” Jenkins said in a statement on Monday.

While no number was given, Jenkins could have received a bonus reaching as high as £2.75 million. While this is refreshing, Mr. Jenkins will still receive a base salary of £1.1 million. This is the second consecutive year that Jenkins has declined his bonus.

Last year, Jenkins could certainly have been forgiven had he accepted his bonus. Jenkins only took the top job after the bank was left dealing with the participation by its employees in a scheme to manipulate the London interbank offered rate, or Libor.

Barclays PLC (ADR) (NYSE:BCS) (LON:BARC), along with four others, paid out over $3 billion to regulators in Britain and the United States for their role in the rate rigging scandal which occurred before Jenkins took the helm.

Barclays to cut costs

The bank announced last year that it would shed no less than 3,700 jobs this year including 1,800 in its corporate and investment banking businesses. Additionally, the bank is planning to cut costs by no less than $2.8 billion by the end of this calender year.

According to sources close to the matter, it’s believed that Barclays PLC (ADR) (NYSE:BCS) will cut even more from its investment bank. The New York Times is reporting that 400 additional jobs will be cut. The bank will still employ nearly 150,000 worldwide.

Barclays PLC (ADR) (NYSE:BCS) (LON:BARC) will report its fourth-quarter results next week on February 11. The bank announced last week that its fourth-quarter results would include additional charges of £110 million against income in its investment bank related to litigation and regulatory penalties

Updated on

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. <i>To contact Brendan or give him an exclusive, please contact him at</i>
Previous article A New Boss Who Undervalues the Firm’s Story
Next article Herbalife Ltd. (HLF) – Buy Rating Maintained, Models Look Good [REPORT]

No posts to display