Barclays targeting Sants to deal with financial watchdog

  • @TheIndyBusiness

The former head of Britain's financial watchdog is in talks with Barclays to become the executive in charge of dealing with his old employer, according to financial industry sources.

Hector Sants is on gardening leave having resigned from the Financial Services Authority, so will not be able to join a new employer until the new year.

But getting him on board would come as a coup for a bank desperately trying to clean up a reputation tarnished by the Libor interest rate scandal, where some traders attempted to "fix" the benchmark rate.

Mr Sants would likely join the executive committee, one step below the board. Barclays has prioritised improving relations with regulators in the wake of stinging criticism of the way it has dealt with watchdogs in the past.

However, no deal is imminent and Barclays faces competition from the accountancy firm Deloitte, which is pursuing Mr Sants as a partner.

Barclays declined to comment.