London • The CEO of Barclays said having provisions to claw back bankers' bonuses, as outlined by regulators on Wednesday, is a good idea in principle.
The Bank of England published new rules Wednesday to punish executives who misbehave. They include introducing a seven-year period from the date of the award in which the bonus can be retracted. Antony Jenkins told the BBC that such provisions are useful, though he was awaiting the details.
The debate on banker's bonuses has become heated in Europe since the onset of the 2008 financial crisis. Critics blame the pursuit of astronomical bonus sums for fueling the risk-taking behavior that triggered the troubles.