Antony Jenkins, the head of the Barclays bank has turned down the bonus offering from the bank for 2013 as the bank faced costs relating to the scandals.

Mr Jenkins said today: '2013 has been a year of considerable positive change for Barclays, and I am particularly proud of the progress we have made in starting to rebuild trust, in defining and implementing a common culture, in repositioning the business for the future, and in significantly improving our balance sheet.

Mr Jenkins said that the bank is facing legacy and conduct issues and thus he will not accept multi-million pound pay-out. Mr Jenkins is eligible for a pay-out of up to £2.75 million but it is calculated as 250 per cent of his £1.1 million salary. He also said that he did not accept his bonus in the previous year.

Meanwhile, Barclays is planning to close a quarter of its branches and cut hundreds of jobs in the investment banking division in the United Kingdom. The banking giant, which is controlled by the British government, has said that it is planning to open branches in Asda stores under a new pilot project while closing nearby outlets. The new job cuts will be above the 3,700 layoffs announced in the previous year. Following the pilot project, the bank will replace about 400 branches with smaller outlets in Asda supermarkets.