Skip to main content

Man Driven To Brink Of Collapse By Bob Diamond's Mess

  • Author:
  • Updated:

Nine months ago, Barclays CEO Antony Jenkins brought in former Financial Services Authority chief Hector Sants to do something about the bank's less-than-sterling reputation. But Hector Sants could not go back in time and keep Barclays from committing the mistake he knew it was making, and so, nine months in, he needs a good, long break.

Barclays said on Tuesday that Hector W. Sants, the bank’s compliance chief and a former head of Britain’s financial regulator, would take a leave of absence because of exhaustion and stress.

Mr. Sants, who joined Barclays in January to help repair the bank’s image after a rate-rigging scandal, plans to return to his job at the end of the year. Mr. Sants’s responsibilities will be split among colleagues during his absence….

At Barclays, Mr. Sants started to review the bank’s risk-taking activities and helped its chief executive, Antony P. Jenkins, tighten compliance after a fine of more than $450 million by regulators last year for the bank’s role in the manipulation of the benchmark London interbank offered rate, or Libor.

Barclays' Compliance Chief to Take Leave of Absence [DealBook]
Barclays Says Compliance Chief Sants Takes Leave of Absence [Bloomberg]


Barclays Legal Reserve Has Plenty Of Room To Grow

Which is a good thing, because it's got a lot more fines to pay off.