Barclays CEO waives his 2012 bonus pay

Feb. 2, 2013 at 11:39 AM
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LONDON, Feb. 2 (UPI) -- The new chief executive officer at British bank Barclays said he recommended to the bank's board of directors that they pass him over for a 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. 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," said Anthony Jenkins, who took over from Bob Diamond in August.

Diamond left after a scandal involving manipulation of the London interbank offered rate, or Libor -- a benchmark lending rate calculated by averaging interest rates banks charge each other for loans that is used to establish lending rates on trillions of dollars of personal and commercial loans.

Barclays agreed with U.S. and British regulators to pay $450 million to settle charges of rate manipulation. Several other large banks have also been involved in the Libor scandal.

The Daily Telegraph reported Saturday that Jenkins is turning down more than $4 million bonus pay he is entitled to receive.

Two other bank officials -- finance director Chris Lucas and head of corporate and investment banking Rich Ricci -- have waived their 2012 bonuses, the newspaper said.

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