By Steve Slater
LONDON, Feb 3 (Reuters) - Barclays Chief ExecutiveAntony Jenkins has turned down his 2013 bonus, saying it wouldbe inappropriate given the bank's hefty bill to pay for pastproblems and its need to call on investors for cash.
Jenkins could have received a bonus of up to 2.7 millionpounds ($4.4 million). It is the second year he has waived hisbonus after becoming chief executive in August 2012.
"I have concluded that it would not be right, in thecircumstances, for me to accept a bonus for 2013, and I havetherefore respectfully declined the one offered to me by theboard," Jenkins said in a statement on Monday.
He said that was because of the very significant costs whichhave been required to address legacy litigation and conductissues and the cost of getting out of areas the bank does notwant to stay in, such as tax advisory.
Barclays raised 6 billion pounds from a rights issue afterbeing told by its regulator to shore up its capital.
Jenkins is attempting to improve culture and standards atBarclays, after a fine for the alleged manipulation of Liborinterest rates uncovered a series of other problems. He is keento distance himself from his predecessor, Bob Diamond, who waspaid tens of millions of pounds, mainly when he ran investmentbanking, over more than a decade.
Jenkins' base salary is 1.1 million pounds and he canreceive 250 percent of that as an annual bonus and 400 percentof salary in a long-term share award.
He was paid 2.6 million pounds in 2012, including 833,000 insalary, 1.5 million from a long-term incentive award, 215,000 inlieu of pension and 81,000 in benefits.
Barclays (BARC)
