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Barclays Says Former Regulator Sants Quits After 10 Months

Barclays Headquarters
The logo of Barclays Plc sits on display outside the company's headquarters in the Canary Wharf business and shopping district in London. Photographer: Simon Dawson/Bloomberg

Barclays Plc, the U.K.’s second-largest bank by assets, said Hector Sants, the compliance chief hired by Chief Executive Officer Antony Jenkins less than a year ago, has resigned.

Sants, 57, who was CEO of the Financial Services Authority before joining the bank in December, has been on sick leave because of “stress and exhaustion” since October and decided he won’t be able to return, the London-based bank said in a statement today. Chief Operations and Technology Officer Shaygan Kheradpir has also stepped down, it said.

Jenkins, who became CEO in August 2012, has been hiring a new executive team after vowing to overhaul the lender’s culture after the bank was fined 290 million pounds ($463 million) for helping rig the London interbank offered rate. The lender said last month it’s being probed by regulators investigating the possible manipulation of foreign-exchange markets.

“It’s a setback,” said Mike Trippitt, a London-based analyst at Numis Securities Ltd., who rates the bank reduce. “Kheradpir was tasked with driving through cost efficiencies, so it’s not ideal.”

Barclays fell 2.8 percent to 249.50 pence in London. The shares have increased 2.9 percent this year.

Temporary Leave

Sants was hired to oversee the bank’s relationships with government and regulators, which were strained through the financial crisis. FSA Chairman Adair Turner last year criticized the bank for “a pattern of behavior” that questioned whether the bank could be trusted, in a letter to Barclays’s former Chairman Marcus Agius.

Sants announced his departure from the FSA in February 2010, though agreed to stay on after the government proposed handing supervisory powers to the Bank of England. He resigned again in March. Before joining the FSA, he was an executive at Credit Suisse Group AG, where he led the bank’s European, Middle East and Asia business.

Barclays on Oct. 15 said Sants would take a temporary leave of absence and would return in 2014.

Kheradpir, who was promoted by Jenkins in March, will become CEO of Juniper Networks Inc., a maker of networking equipment, the Sunnyvale, California-based company said in a separate statement. At Barclays, he was responsible for helping the bank automate more systems to cut costs and absorbed some of the duties of Jerry Del Missier, who departed in the wake of the Libor scandal.

‘Great Progress’

A former head of information technology at Verizon Communications Inc., Kheradpir joined Barclays in January 2011 as chief operating officer for consumer banking.

“Under both Hector and Shaygan, we have made great progress,” Jenkins, 52, said in the statement. “I am totally confident that this momentum will continue with the strong leadership teams we have established in both functions.”

Allen Meyer, head of compliance at Barclays’s corporate and investment bank, will fill Sants’s position until the bank can find a replacement, it said. Darryl West, Barclays’s chief information officer, will take on Kheradpir’s responsibilities on an interim basis.

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