Barclays has appointed the former chief executive officer (CEO) of the Financial Services Authority (FSA), Hector Sants, as head of its compliance department.
He will join the bank next month after six months ‘gardening leave’ since stepping down from the FSA, shortly before the announcement of a £290m fine against Barclays for manipulation of the London Interbank Offered Rate (Libor). Sants will also oversee Barclays’ government and regulatory affairs teams, reporting directly to the bank’s CEO, Antony Jenkins.
“I left the FSA with the intention of finding a role which would allow me to put into practice the experience I have gained in both the public and private sector,” said Sants in a statement.
“Taking on the responsibility of leading Barclays global compliance function, and overseeing the bank’s relationships with governments and regulators, gives me that opportunity.
“I am delighted to have been asked by Antony Jenkins to create and implement a new compliance concept and approach, which will be central to the cultural change which is already underway at the bank,”
According to reports, Sants had also been considering a rival offer from accountancy firm Deloitte to join it as a full equity partner.
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