RAISE £6bn from investors and hand more than half of it back to employees and investors six months later: as a formula for managing a corporate balance sheet, there's a certain novelty in
But for someone who has choreographed efforts to rehabilitate a company's image as carefully as
Sunday's exposure of customer data theft at
The same could not be said for the messages reverberating through Tuesday's annual results statement.
The heralded investment bank, "competing from Singapore to
Transform, his turnaround plan, has imposed short-term costs with uncertain long-term gains.
Then there is the insipid performance of the
I don't doubt the sincerity of Jenkins and his chairman, Sir
Two further obstacles stand in their way. Firstly, compensation costs are heading in the wrong direction: whatever his protestations, £2.4bn in incentive awards for 2013 versus £2.2bn last time was as myopic as reputational decisions come.
In that context, giving up his own bonus of about £1.5m was the easy option for Jenkins; the much harder task would have been to convince colleagues of the need for restraint, but it looks like a challenge that he ducked rather feebly.
In any normal year, that might be excusable. But after promising a step-change in
The second hurdle is equally significant. Cast your mind back to last summer and the disclosure that
My advice? For such a comparatively paltry sum,
Looking across the Atlantic might help.
Once that's out of the way, Jenkins, who with the right tailwinds might become a successful corporate leader, might even start deserving the bonuses he keeps turning down.
RIO TINTO EYES
I understand that
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