Barclays chief turns down 2013 bonus

Mr Jenkins, who took over after predecessor Bob Diamond resigned in the wake of the Libor rate-rigging scandal, said he was proud of the progress made in overhauling the bank’s reputation.

But he said legacy and conduct issues had hit the bank hard last year and that, combined with the rights issue in the autumn, it led him to conclude it would not be right to accept a bonus offered by the board.

Mr 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.”