Sir Hector Sants quits Barclays as he falls victim to stress
Compliance chief steps down from £3m role after month's sick leave
Just a month after taking sick leave as a result of stress and exhaustion, Sir Hector Sants, the man hired to lead a clean up at Barclays, has quit.
Sir Hector, who had been chief executive of the Financial Services Authority throughout the financial crisis, took on the £3m role of head of compliance and government and regulatory regulations at Barclays in January.
However, such an intense and high-profile job took a grave toll after the pressure of leading the FSA during the heat of the financial crisis. He is understood to have concluded that there was little prospect of him being able to return to work in the near future.
Sir Hector hiring came as a coup for Barclays, which had been left reeling as a result of the Libor interest rate fixing scandal. The bank is still embroiled various regulatory snarl-ups. It recently emerged that it is helping watchdogs with a probe into foreign exchange trading.
Sir Hector, a former investment banker with Credit Suisse, had moved quickly to boost the status of compliance staff and to begin an attempt mend fences with regulatory agencies.
Despite the role being created specifically for him, Barclays will be seeking a replacement, and has retained headhunters for that purpose.
Sir Hector was a member of the Barclays executive committee but not the bank's full board. As such, it was not obliged to provide details of his remuneration, and was not commenting on the issue of a pay-off.
Sir Hector is not expected to seek another executive role, but would be in high demand as a non-executive director when he is ready to return to the City. He is expected to take as much as a year off before pursuing these options.
When the news broke that he was taking sick leave from Barclays, it threw the issue of stress in the City into sharp focus. His then-temporary departure had echoes of the leave of absence taken from Lloyds Banking Group by the chief executive Antonio Horta-Osorio. The death Moritz Erhardt while on an internship with Bank of America Merrill Lynch in London demonstrated that the problem was rife at all levels. Merrill launched a review, with a particular focus on junior employees.
Goldman Sachs has also responded, banning analysts and associates from its offices from 9pm on a Friday until 9am on a Sunday.
Barclays revealed that its chief executive Antony Jenkins, who replaced Bob Diamond, had lost another member of his executive team in the form of chief operations and technology Shaygan Kheradpir. He is heading to the US to become chief executive of the technology company Juniper Networks.
Barclays has placed a high priority on being at the forefront of technological developments in banking, and Mr Kheradpir was a key Jenkins lieutenant, steering through innovations such as its Pingit mobile telephone banking service which allows money transfer through a mobile phone.
The two departures sent the bank's shares down 7.3p to 249.5p at the close of trading.
- 1 'Not suppost to cry': 9-year-old lists the worst things about being a boy
- 2 Iggy Azalea responds to Eminem rape lyrics: 'I'm bored of old men threatening young women'
- 3 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 4 Lana Del Rey rape video: Marilyn Manson denies involvement in shocking leaked footage
- 5 Winnie the Pooh banned from Polish playground for being 'inappropriate hermaphrodite'
'Not suppost to cry': 9-year-old lists the worst things about being a boy
Duchess of Alba dead: Billionaire Spanish duchess who lived life by her own rules, dies at 88
Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Mike Nichols dead: The Graduate director dies suddenly following cardiac arrest
Woman opens professional cuddling shop – gets 10,000 customers in first week
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Muslims pre-date Columbus in discovering America,' says Turkish president Erdogan
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Former Tory PM Sir John Major says 'we would not have an NHS without migrants'
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...