(Adds bonus comments from FT interview)
Dec 17 (Reuters) - The 500 million pounds (US$783.70million) Barclays PLC set aside to settle allegationsof rigging the foreign exchange market will not be enough, thebank's Chief Executive Antony Jenkins said in an interview toSky News.
"My expectation is it will be a bigger number than that,"Jenkins replied when asked whether the amount would besufficient. (http://bit.ly/1sG1hhi)
The London-based bank pulled out of a settlement last month because of complications with its New York-based regulator Department of Financial Services, people familiar with thematter said.
However, Jenkins was hopeful of settling the probe withregulators "in the course of next year", Sky News reported.
He added that Barclays' bonuses would attract fewerheadlines this season. "If a business performs, we'll pay; if itdoesn't, we'll pay accordingly. It'll be much lesscontroversial," Jenkins said in an interview to Sky News.
Jenkins signaled bonuses were likely to be cut to reflect anexpected drop in profits at its investment bank. "I do notexpect to be in a situation where profits are down and the bonuspool is up," he told the Financial Times in a separateinterview. (http://on.ft.com/1sB3iG7)
He said the bank should deliver on its targets on capitaland leverage ahead of its 2016 goal.
Jenkins also told the FT banks now had to selectively choosewhere to invest and compete, due not just to capitalconstraints, but also to the need for vast investment intechnology. "The universal banking model is dead," he told thepaper.
A spokesman for Barclays said the reported comments wereaccurate.
($1 = 0.6380 pounds) (Reporting by Ankush Sharma in Bengaluru; Editing by BernardOrr and Meredith Mazzilli)
Barclays (BARC)
