Sir Hector Sants forced to quit Barclays temporarily due to stress
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Tuesday 15 October 2013
Sir Hector Sants, one of the most senior bankers of his generation, today became the latest top executive forced to quit temporarily due to stress.
Formerly the chief executive of the Financial Service Authority regulator, Mr Sants is taking time off from his post at Barclays as head of compliance.
In a move reminiscent of the temporary stepping-back of Lloyds chief executive Antonio Horta-Osorio in 2011, a Barclays spokesman said Mr Sants’ decision to step back was due to a diagnosis of “exhaustion and stress”.
His illness will inevitably give rise to renewed calls for the high stress levels of City workers to be dealt with.
Mr Sants was one of the chief architects of banking regulatory policy through the global financial crisis and took on his post at Barclays in January.
He is expected to be off work for about three months, not returning until the New Year.
Sants bore the brunt of many bruising encounters with politicians on the Treasury Select Committee during the financial crisis as the regulator took the blame for inadequate supervision of nationalised Northern Rock’s risky business model.
Prior to his positions at the regulator and the Bank of England, he had held senior posts in the private sector, running Credit Suisse First Boston’s European operations
- 1 'Fire at every person you see': Israeli soldiers reveal they were ordered to shoot to kill in Gaza – even if the targets may have been civilians
- 2 Italian police 'reveal' what Jesus looked like as a young boy
- 3 General Election 2015: 14-year-old boy asks Nick Clegg – 'can you kill Katie Hopkins?'
- 4 Garland shooting: Isis claims attack on Prophet Mohamed cartoon contest in Texas as its first action on US soil
- 5 Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian combined with near-naked ensemble
Italian police 'reveal' what Jesus looked like as a young boy
Who should I vote for? The Independent quiz matches best political party for undecided voters ahead of the general election
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian combined with near-naked ensemble
Syria's 'circle of hell': Aleppo residents describe children without heads, streets filled with blood and injuries never before witnessed by surgeons
General Election 2015: Photographic history of Bullingdon Club tracked down - including new picture of David Cameron in his finery
In defence of liberal democracy
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: Clegg warns of second election before Christmas without Lib Dems
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...