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Barclays chief paid £5.5m as bank sets aside £750m for forex rigging

Barclays chief executive Antony Jenkins has been awarded a total pay package of £5.5m as the bank sets aside an extra £750m in relation to foreign exchange rigging.

In its annual results, published this morning, Barclays reveals it has made a total provision of £1.25bn in relation to ongoing investigations relating to forex manipulation.

The bank has set aside a further £200m for payment protection insurance misselling, taking its total for PPI and interest rates swaps redress to £1.1bn.

Overall Barclays made a statutory pre-tax profit in 2014 of £2.3bn, down 21 per cent from around £2.9bn the previous year.

After declining his bonus in 2013, Barclays chief executive Antony Jenkins has received an annual bonus of £1.1m for last year, on top of his £1.1m salary. Including other benefits and incentives, his total pay package was £5.5m.

On the bank’s results, Jenkins says: “We remain focused on addressing outstanding conduct issues, including those relating to foreign exchange trading. I regard the behaviour at the centre of these investigations as wholly incompatible with our values, and I share the frustration of colleagues and shareholders that matters like these continue to cast a shadow over our business.”

He adds: “Despite our real progress in 2014, we still have more work to do. We are determined to build on the momentum across the group, to continue to improve returns across our business, and to accelerate execution of our plans.”

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