Ex-City watchdog boss brought in to clean up Barclays is taking time off due to 'exhaustion and stress'
The former boss of the City watchdog brought in to clean up Barclays is taking time off work due to ‘exhaustion and stress’.
The lender yesterday announced compliance chief Sir Hector Sants will take sick leave until the end of the year.
After a stormy period in charge of the now defunct Financial Services Authority during the financial crisis, Sants was poached by Barclays on a controversial £3m package. He started his role in January.
Barclays (up 3p to 279.85p) said the stress of both jobs had taken its toll on the 57-year-old, who was knighted in the New Years Honours List for services to the financial industry and regulation.
In a statement it said: ‘Unfortunately Hector has been diagnosed as suffering from exhaustion and stress – the cumulative effects of five years at the helm of the FSA during a tumultuous period and having thrown himself headlong into his Barclays role since the beginning of 2013.
‘He is following medical advice and will be taking a leave of absence until the end of the year.’
The news is a setback for Barclays, whose boss Antony Jenkins hired the former investment banker to help him overhaul the bank’s sullied reputation. Barclays has been mired in a series of scandals since it was fined £290m for rigging Libor rates last summer.
Sants will be replaced by his deputies – who the bank refused to name – until he returns to work.
Despite not sitting on the board, Sants is one of its most influential figures with an army of more than 1,350 staff trying to ensure the bank avoids future scandals.
New finance chief Tushar Morzaria has been handed shares worth £3.2m to buy him out of bonuses from former employer JPMorgan.
Morzaria, who started yesterday, will receive an annual pay package of up to £6.2m including £125,000 in ‘removals assistance’ to help send his belongings from New York to the UK.
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