News Summary: Scandal-hit Barclays nixes CEO bonus
Posted at: 02/01/2013 1:37 PM
By The Associated Press
NO PAYOUT: The chief executive of Britain’s Barclays bank is giving up his 2012 bonus amid a string of scandals over market-fixing and other financial malfeasance.
BIG BUCKS: Antony Jenkins was entitled to a maximum bonus of 2.75 million pounds ($4.35 million), or 250 percent of his 1.1 million pound salary. Senior bank officials were canvassing investors about the possibility of awarding him a seven-figure sum.
BONUS FURY: Bonuses have been a hot button in Britain and elsewhere ever since the financial crisis, when executives got huge payouts while taxpayers were left footing multibillion dollar bills as their banks teetered.
(Copyright 2013 by The Associated Press. All Rights Reserved.)