Saturday, 27 August 2016
Last updated 2 hours ago
Dec 19 2012 | 10:06am ET
Hector Sants, the former head of Britain's Financial Services Authority and that regulator's former top authority on hedge funds, will join Barclays next month.
Sants will lead the troubled bank's compliance effort as its first head of that area. Barclays has been embroiled in a rate-fixing scandal that has already cost former CEO Bob Diamond his job.
New CEO Antony Jenkins said that Sants' appointment would "send a clear signal intent in terms of my personal commitment to delivering a culture in Barclays where compliance is universally welcomed and observed."
Sants worked at Credit Suisse and UBS before joining the FSA in 2004. He served as head of its wholesale and institutional markets division, which included hedge funds and private equity firms, before being named its CEO in 2007. He stepped down in June after almost five years on the job, and as the FSA moved towards oblivion—it will be replaced by a new regulator next year.
The move to Barclays will certainly be a lucrative one for Sants: The Financial Times reports that he'll be paid as much as £3 million in the job, including a £700,000 salary, bonuses of as much or more and a long-term incentive plan worth up to £1.5 million.