LONDON – The chief executive of Barclays says that claw-back provisions on bankers' bonuses are a good idea in principle as the Bank of England prepares to publish new rules to punish executives who misbehave.
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Antony Jenkins told the BBC on Wednesday that such provisions are useful, though he we was awaiting the details. Barclays reported adjusted net income fell 14 percent to 1.76 billion pounds ($2.9 billion). Jenkins blamed foreign exchange movements for distorting results.
Jenkins dismissed a drop in profits for the investment banking division, describing it as in line with efforts to streamline the unit. The investment bank's net income fell 67 percent to 435 million pounds.
Though Jenkins has cut some 7,000 jobs in the division, he has raised the ire of investors by paying bigger bonuses.