Barclays today announced its annual profits were up 12 per cent to £5.5billion in 2014. CEO Antony Jenkins took a £1.1million bonus, taking his overall pay package to £5.5million, as he said the bank is in its best position since the 2008 financial crash. But Mr Jenkins also revealed Barclays has set aside another £750million to pay fines for rigging foreign currency rates, taking its total bill for the scandal to £1.25billion. His payout will prove controversial after a year in which Barclays slashed 14,000 jobs - with another 5,000 to go by 2016 - and closed a net 72 branches. This morning shares were down around 5p to £2.58 each when the London Stock Exchange opened this morning. Barclays boss: Antony Jenkins has accept his first bonus since taking the helm in 2012, as his bank enjoyed £.5.5billion profits for 2014 . The High Street bank is braced for huge penalties from UK and US regulators after refusing to reach a settlement in November. Today it was announced Barclays also added £200 million to provide for the ongoing compensation programme for customers mis-sold payment protection insurance. Antony Jenkins had assured investors that the 2014 bonus round would be 'less controversial' after a bitter row last year. Shareholders were furious that bonus payments reached £2.4billion in 2013 despite falling profits. This year, with improved results, the bonus pool is around £1.8billion. Calling his own bonus 'appropriate' he said today: 'Barclays today is a stronger business, with better prospects, than at any time since the financial crisis.' He added: 'You have to look at the very significant progress that we have made in Barclays in the two-and-a-half years that I have been chief executive. 'I completely understand that I am very well remunerated for what I do. But I think it is appropriate that I accept my bonus. 'It is not a decision I take lightly and I declined it in the previous two years. When I come to 2015, I will do the same careful thinking about whether I should accept it given the progress the bank has made.' Mr Jenkins' bonus is his first since taking the helm in 2012 and will be justified because Barclays' profits rose this year and were  around £300million better than expected. But it remains in trouble after its bankers were found to be rigging foreign currency rates. Barclays drew fire from investors last November after it declined to be part of a settlement reached between six banks – including HSBC and Royal Bank of Scotland – and the Financial Conduct Authority and US watchdog the Commodity Futures Trading Commission. Banks, including Barclays, face fines from a range of regulators, including the Department of Justice and the New York State Department of Financial Services, for manipulating the £3.5trillion-a-day forex market. Contrast: After a year Barclays has described as its best since 2014, it recorded a rise in pre-tax profits and reduced its bonus pot to a five-year low . But when the other five banks involved settled last, Barclays did not, so could face a higher fine as a result. It said today it was seeking a 'more general co-ordinated settlement' - with other authorities in the US still investigating the scandal. Barclays said it is reviewing its foreign exchange trading over a several-year period and continuing to co-operate with relevant bodies, and that these probes could result in 'substantial monetary penalties'. Mr Jenkins said: 'We remain focused on addressing outstanding conduct issues, including those related 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. 'But resolving these issues is an important part of our plan for Barclays and, although it may be difficult, I expect that we will make significant progress on this issue in 2015.' Finance director Tushar Morzaria said: 'We will take action where that is required up to and including termination of employment.' Staff involved in the scandal could also see bonuses clawed back, he added. The bank has not disclosed information about employees being fired or suspended over the affair. Changes: In 2014 Barclays slashed 14,000 jobs - with another 5,000 to go by 2016 - and closed a net 72 branches . The results come after a year in which Barclays shut 89 branches while opening 17 amid an increasing push for customers to contact it via Skype or by telephone, or to use post office banking or new sites in Asda stores. Mr Morzaria said: 'We have no target for branch closures. It is really a reflection of how our customers choose to bank.' Investec analyst Ian Gordon described the statutory result after accounting for one-off charges as 'weak'. But Shore Capital's Gary Greenwood said: 'Despite the earnings shortfall versus our estimates... we believe that the company is making good progress towards reshaping the business and improving balance sheet strength.' TUC general secretary Frances O'Grady said: 'Profits have fallen at Barclays Bank and they have had to make huge provision for fines. 'The chief executive rightly recognises that the bank's culture must change, but it is hard to have a positive view of any organisation that pays its boss £5.5 million in a single year - a sum that would take a full-time worker on the minimum wage 465 years to earn.'
Barclays' results are best since the 2008 financial crisis, bank says . CEO Antony Jenkins took £1.1m bonus - taking his pay to £5.5m for 2014 . Union says average Barclays worker would take 465 years to earn money . Extra £750m set aside to pay £1.2bn bill for foreign exchange rate-rigging . Avoids row with shareholders by cutting bonus pool from £2.4bn to £1.8bn .