James Moore: Now Barclays has its man, will Hector decide Rich is for the high jump?

Outlook Barclays has got its man. Hector Sants, the former head of the Financial Services Authority, became one of the City's hottest commodities when he quit the regulation game.

The fact that the bank has done what it takes to get him for the job of cleaning up its Augean stables – he'll take the new role of (deep breath) head of compliance and government and regulatory relations – can be seen as a statement of intent.

Of course, we won't know the inducements he was offered for signing on the dotted line because the bank won't disclose his salary. Mr Sants will sit on the executive committee, one step beneath the full board. So it doesn't have to.

Given that the main competitor for his services was Deloitte, the City accountancy firm which wanted to hand Mr Sants a partnership, he may have been able to name his price.

It's a fair bet he won't be slumming it on a mere £835,000 a year like he was at the FSA, although his bonus, long-term incentive plan and other bits and pieces will presumably be awarded in restricted shares and subject to clawback, etc. As demanded by his old employer.

In reality, Barclays and Mr Sants are too smart to get that wrong. With Sir David Walker, who authored a government review into the governance of banks, installed as chairman following the Libor affair that so sullied its reputation, this is a bank that is desperately keen to be seen as one of the good guys.

What Mr Sants' appointment does do is to further consolidate the power of the Brits in the company's key roles. It's still an international bank. But with the American Bob Diamond and his Canadian number two Jerry del Missier gone, the centre of gravity has shifted.

So it will be interesting to see what happens to Rich Ricci. The American is the last member of the tightly knit triumvirate that built Barclays Capital, now Barclays Investment Bank, into a global force.

He handled the integration of Lehman Brothers for Mr Diamond and now heads by far the most profitable but also the most controversial part of the bank, one from where its recent problems with the watchdogs have hailed.

Brash, and a bit flash, he's been with the bank for nearly two decades and has set down roots here, not least through his passionate interest in national hunt racing, a sport which doesn't exist outside of rural Maryland Stateside. Mr Sants, who was once himself an investment banker, now probably holds the key to whether Mr Ricci stays put or has to jump like the horses he owns.

Start your day with The Independent, sign up for daily news emails
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

SThree: Talent Acquisition Consultant

£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...

Recruitment Genius: Experienced Financial Advisers and Paraplanners

Negotiable: Recruitment Genius: This extremely successful and well-established...

Guru Careers: FX Trader / Risk Manager

Competitive with monthly bonus: Guru Careers: We are seeking an experienced FX...

Day In a Page

Seifeddine Rezgui: What motivated a shy student to kill 38 holidaymakers in Tunisia?

Making of a killer

What motivated a shy student to kill 38 holidaymakers in Tunisia?
UK Heatwave: Temperatures on the tube are going to exceed the legal limit for transporting cattle

Just when you thought your commute couldn't get any worse...

Heatwave will see temperatures on the Tube exceed legal limit for transporting cattle
Exclusive - The Real Stories of Migrant Britain: Swapping Bucharest for London

The Real Stories of Migrant Britain

Meet the man who swapped Romania for the UK in a bid to provide for his family, only to discover that the home he left behind wasn't quite what it seemed
Cheaper energy on the way, but it's not all sunshine and rainbows

Cheaper energy on the way, but it's not all sunshine and rainbows

Solar power will help bring down electricity prices over the next five years, according to a new report. But it’s cheap imports of ‘dirty power’ that will lower them the most
Katy Perry prevented from buying California convent for $14.5m after nuns sell to local businesswoman instead

No grace of God for Katy Perry as sisters act to stop her buying convent

Archdiocese sues nuns who turned down star’s $14.5m because they don’t approve of her
Ajmer: The ancient Indian metropolis chosen to be a 'smart city' where residents would just be happy to have power and running water

Residents just want water and power in a city chosen to be a ‘smart’ metropolis

The Indian Government has launched an ambitious plan to transform 100 of its crumbling cities
Michael Fassbender in 'Macbeth': The Scottish play on film, from Welles to Cheggers

Something wicked?

Films of Macbeth don’t always end well - just ask Orson Welles... and Keith Chegwin
10 best sun creams for body

10 best sun creams for body

Make sure you’re protected from head to toe in the heatwave
Wimbledon 2015: Nick Bollettieri - Milos Raonic has ability to get to the top but he must learn to handle pressure in big games

Nick Bollettieri's Wimbledon files

Milos Raonic has ability to get to the top but he must learn to handle pressure in big games
Women's World Cup 2015: How England's semi-final success could do wonders for both sexes

There is more than a shiny trophy to be won by England’s World Cup women

The success of the decidedly non-famous females wearing the Three Lions could do wonders for a ‘man’s game’ riddled with cynicism and greed
How to stop an asteroid hitting Earth: Would people co-operate to face down a global peril?

How to stop an asteroid hitting Earth

Would people cooperate to face a global peril?
Just one day to find €1.6bn: Greece edges nearer euro exit

One day to find €1.6bn

Greece is edging inexorably towards an exit from the euro
New 'Iron Man' augmented reality technology could help surgeons and firefighters, say scientists

'Iron Man' augmented reality technology could become reality

Holographic projections would provide extra information on objects in a person's visual field in real time
Sugary drinks 'are killing 184,000 adults around the world every year'

Sugary drinks are killing 184,000 adults around the world every year

The drinks that should be eliminated from people's diets
Pride of Place: Historians map out untold LGBT histories of locations throughout UK

Historians map out untold LGBT histories

Public are being asked to help improve the map