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Hector Sants joins Barclays

Hector Sants 480

Former FSA chief executive Hector Sants has joined Barclays as head of compliance and government and regulatory relations.

Sants joins the bank’s executive committee and will report directly to group chief executive Antony Jenkins. He will take up the role on 21 January.

Barclays says Sants will oversee all compliance activities across Barclays and across all regions. It says this is the first time all compliance staff in the bank will report to one individual.

The bank adds that Sants will be directly accountable for the compliance performance of the bankand will be responsible for Barclays’s relationship with governments and regulators around the world.

Jenkins says: “With a huge wealth of private and public sector experience, and having most recently led one of the world’s pre-eminent regulatory authorities, I can think of no more suitably qualified person than Hector Sants to take on these challenges.

“I am delighted that he has agreed to join Barclays and to work with me and the executive committee on driving Barclays towards becoming the ‘go-to’ bank.”

Sants says: “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. Taking on the responsibility of leading Barclays global compliance function, and overseeing the bank’s relationship with governments and regulators, gives me that opportunity.”

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Comments

There are 53 comments at the moment, we would love to hear your opinion too.

  1. sell Barclays.

  2. What an absolute disgrace!!!

  3. Well that’s Barclays down the pan.

  4. Becoming a headcase IFA 12th December 2012 at 11:36 am

    From letting them get away with murder to working for them.

    Do you think he knew about the Libor scandal business and left the FSA because he didn’t want to be involved in the criticism of Barclays.

    Don’t tell me this country is not corrupt

  5. What an absolute joke of a man he is – a total hypocrite who has devasted an industry. He will do the same for Barclays as the Govt’s around the world won’t pander to his weasel sycophantic ways. Barclay’s – be very afraid! Any one with any sense will shut their accounts & sell their shares now.

  6. What a suprise!!!! And we wonder why the banks call the shots.

  7. Barclays’ Agent Sants reveals himself. Widely respected by Bankassurers for destroying the IFA sector, Sants… (continued on p94)

  8. I suppose you could call it gamekeeper turned poacher!
    No doubt he will bring the clarity and fair mindedness from the FSA to Barclays.
    It will be a relief for Barclays customers that he will show the same care for the small as he did at the FSA, just the chap to get to grips with a giant bank.

  9. ..And the cosy relationship between the banks and the regulator continues. Same as it ever was.

    Utterly sickening.

  10. Time for me to close my barclays accounts.

    Jobs for the boys.

  11. Well, well…and just when you thought the silly season had passed you by……

    When it comes to the crunch the good old buddies revert to type….wheels within wheels

    The whole financial world waits with bated breath…2013 here we come…I can’t wait….neither can they across the pond….bye bye Barclays

  12. Nicholas Pleasure 12th December 2012 at 12:01 pm

    Like Government ministers there should be a rule that stops senior regulators using their contacts to secure nice juicy roles for themselves in the companies that they regulate.

    Whilst I am sure that this is an entirely innocent appointment there will always be a strong stench of corruption around these gamekeeper turned poacher appointments. Especially when the banks appear to be treated far more leniently by the regulator than other sections of the financial community.

  13. The job clincher for hecto.

    Being able to say the following in 23 different languages .

    Barclays have co-operated with the regulator in all aspects of the investigation. We apologise for being found out yet again, putting the Banks selfish interests ahead of those of our long suffering customers. We will endeavour not to be caught doing it again”

    then following it up with “It wasn’t my fault and anyway I only took the job so as I could draw another stonkingly large salary”.

    Merry Christmas Hecto and to all those working under him don’t forget to as Santa for a Brown Smelly Stuff deflector shield for Christmas.

  14. What a perfect fit. Someone said Barclays down the pan. Odd In thoghtb it always was.

    When it comes to venality – Barclays has always showed the way. When I heard that they were taking over ING – I tranferred my funds the same day.

  15. @ Darren | 12 Dec 2012 12:02 pm

    At least he wont need to learn it in Spanish. Looks like they’ve already said it there today.

  16. Bombard your MP’s, questions need to be asked as this stinks

  17. *shakes head*

  18. So the incestuous bed hopping contiunes !!!

    This should form, a very cosy bed for the regulator and Barclays to snuggle up in, lots of deals to be struck over a nice glass of brandy

  19. This man is just such a total wanker.

    I will close my Barclays account today.

  20. The Treasury Select Committee should come out and recommend his appointment is delayed for 1 year….

    Would they get another 2-fingers from him?

  21. There is definitly no conspiracry here then ?!!

  22. Scum, end off.

  23. Nudge nudge. Wink wink.

  24. I shall be writing a letter to my MP asking him to ask a question in the House of Commons to why a former head of a regulator should be allowed to join a major bank that is implicated in a major financial scandal of LIBOR?

    This is an absolute disgrace and further questions should be asked but all financial press to stop this type of thing happening both now and in the future.

  25. I have just reported to the Eye how similar Hector Sants, the new Head of Compliance at Barclays is to Hector Sants, CEO of the FSA when Barclays was fixing LIBOR.

    Does anybody know is they are in some way related?

  26. Is it 1st April already?

    Seriously, it beggars belief!

  27. Two incredible matters

    Sants going to Barclays where he will probably double his income and Peter Herd posting a sensible comment.

  28. My mission to damage the IFA industry beyond repair is complete. Bwahahaha.

    It is now time to return to my roots with my banking brothers and be handsomely rewarded for my endeavours at the FSA.

    Warm wishes and best of luck with RDR,

    Undercover Agent Sants

  29. I thought he had joined the bank of England – is he still there and wearing both hats? It wouldn’t surprise me.

  30. When Sants got stuck into Barclays
    he began to shout
    You girls and boys can make as much noise..
    but you wont get me out
    There’s cash in my sack
    I’ve covered my back
    Hurrah Hurrah hurrah.

  31. That’ll be a shock to the system for Barclays – when I was unfortunate enough to work for them they didn’t give two hoots for compliance.
    I don’t have great faith in Herr Sants, but if he can clean up the culture in that place, then at least that would be a step forward.

  32. Headline reads, ‘Hector Sants joins Barclays’.

    It should have been

    “Barclays buy into the FSA”

    What a joke !!

  33. Roman Duzinkewycz 12th December 2012 at 2:28 pm

    Is this guy for real? I’m so glad I closed my Barclays account some time ago – what a joke – he won’t be gambling with my money.

  34. Makes me want to vomit. Lets hope there is an afterlife where you get your cumuppance, coz it aint happening down here on earth 🙁

  35. Note that Mr Sants will not be a director of Barclays. Presumably this is for two reasons…

    1. Compliance isn’t important enough to warrant it

    2. They don’t have to disclose his salary

  36. Saint Francis of Assisi 12th December 2012 at 2:43 pm

    in the words of Malcolm Tucker…….

    “we are well and truly through the f***ing looking glass now…”

  37. Thought I’d share this from the Guardian’s comment boards. Sums things up nicely:

    Sants left the FSA in the summer just days before the announcement of the £290m fine for Libor rigging that led Barclays’ chairman Marcus Agius, chief executive Bob Diamond and chief operating officer Jerry del Missier to leave. But Sants became embroiled in the scandal and had to explain to MPs the events that led to the regulator approving Diamond’s promotion to chief executive two years ago.

    Why did he leave the FSA just days the Libor announcement? Coincidental perhaps or did a little dicky bird at Barclays warn him to get out of the frying pan before things got too hot? Was it also coincidental that he approved Diamond’s promotion? I mean he couldn’t possibly have known what was going on at Barclays could he? After all, he didn’t know any of the top players there.

  38. He failed to supervise Barclays when he was in charge of the FSA, and as a result Barclays earned huge profits from miss-selling and LIBOR maniputation. Who else would Barclays give this job to?

    As a regulator, he was very good at looking the other where the banks were involved. This would be great experience in getting the new regulator to look the other way where Barclays is concerned.

    The only good news from this is that there is now only one bank he can f**k up rather than the whole financial industry.

  39. Ha Ha Ha.

    Ever get the feeling you’ve been cheated.

  40. Up to a thousand financial advisers made redundant at Barclays for Sants RDR nightmare and they give him a job!

    Disloyalty to the industry and disloyalty to Barclay’s advisers who lost their job. Someone needs shooting!

  41. Well that’s my Barclays bank account transferred!
    You couldn’t make up this stuff!

  42. It probably would have been acceptable if he had joined a company like DeLoitte, as was speculated earlier in the week. Did they decide he was not up to the job??

  43. Come on in Hector, out of the cold old boy. Now, tell us all about it….

  44. Oh and another fine – this time from Spain – for this great British bank.

    I guess Mr Sants is now a Barclays Banker in more sense than one.

  45. We all knew he’d have something lined up. You don’t leave a position like the FSA without the establishment looking after their own. He’s a symbol of all that is bad in this country and the damage under his watch is yet to be seen in full. Barclays are more than welcome to this guy.

  46. Matt Damon’s narration on the excellent film “Inside Job” about events leading up to the financial debacle in 2008 – comes very clearly to mind reading this.

    I remember the start of the film about the Icelandic banks pre their collapse & their utter disdain for regulatoions & their masters – if any of them were any good they’d be offered a job they simply couldn’t afford. This is being perpetuated all around the world…these mega financial leeches are simply buying off regulation, polititcians and supervision to allow them to carry on recklessly gambling our Trillions away to their hearts content…

    Max Keiser on RT.com is going to have a field day with this!

  47. Simples really – explain to your Woolwich BDM that apart from their incompetence, they now have the additional handicap of Sants.
    I bank personally with Barclaysand so does my business.
    I’d be more than happy to shut the lot down and move – but it’d be a meaningless gesture unless we all make the same decision to boycott.
    Another opportunity to make ourselves heard will no doubt go begging…..and the FSA chiefs will continue to feather their own corrupt nests.

  48. I have a mind to cancel all my debt with Barclays…

  49. Roman Duzinkewycz 13th December 2012 at 10:04 am

    After my initial comments of yesterday and being so infuriated by this shocking development, I have been in contact with my MP to voice my anger and disgust. Surprisingly, I got a response within 45 minutes and he tells me that it is already the focus of discussion with front benchers who, thankfully, are aware of what is going on here (to a greater or lesser extent) so at least something might be done although in my heart, I know this man, who obviously is so thick skinned he doesn’t care about the outrage he is causing amongst the financial services community. At the same time, I sincerely hope that someone grabs hold of the top man at Barclays and gives him a shaking – both Sants and Barclays cannot be allowed to get away with this. Even more disgusted than I was last night. Boycott Barclays – I have.

  50. Agree with all the above. No one can prove a thing of course, so one can only guess whats been said and done, but it doesnt look good and certainly makes your skin crawl.
    We will be moving our business accounts (and my personal account fwiw!) and I will explain why to Barclays. Futile gesture maybe but better than doing nothing.

  51. Boycott Barclays, it worked at Starbucks.
    Vote UKIP

  52. I am genuinely curious to know the causes of Mr Sants’ current bout of stress and why it’s so severe as to warrant three months of r&r. Barclays may well be wondering if they picked the right man for the job.

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