The former chief of the Financial Services Authority, Hector Sants, was today appointed head of compliance at Barclays in one of the swiftest turnarounds from regulator to regulated.
Sants will join Barclays in late January, six months after he quit as chief executive of the FSA and the regulator landed the bank with a £59.5 million fine for rigging Libor. That cost Bob Diamond and Marcus Agius their jobs as chief executive and chairman of Barclays.
Sants will report directly to Barclays’ new chief executive Antony Jenkins. He will also take responsibility for the bank’s relationships with governments and regulators around the world.
His pay will not be disclosed because he will be an executive but not a main board director. At the FSA he was paid just over £800,000 in his final full year.
Sants said: “I left the FSA with the intention of finding a role which would allow me to put into practice the experience I have gained in both the public and private sector. Taking on the responsibility of leading Barclays global compliance… gives me that opportunity.”
Sants, 56, previously worked in the City at investment bank UBS. He has been on six months gardening leave paid for by the FSA.
