Barclays chief executive Antony Jenkins has waived a bonus of up to £2.75m because of regulatory costs and a £6bn fundraising but will awarded £4m in shares next month.
The Guardian reports Barclays will award Jenkins the £4m in shares next month as outlined in last year’s annual report.
Jenkins says he has waived the £2.75m bonus as it would “not be right, in the circumstances”.
Barclays was involved in “legacy litigation and conduct issues” throughout 2013.
In June, the bank launched a £5.8bn rights issue agreed with the Prudential Regulation Authority to partially plug a £12.8bn capital hole.
The bank’s current total claims pot covering both PPI and interest rate swap misselling stands at around £5.45bn.
It is the second consecutive year that Jenkins has waived the bonus.
A statement from Jenkins says: “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, and I have therefore respectfully declined the one offered to me by the Board.”