Barclays Names Roemer Successor to Sants for ComplianceHoward Mustoe
Barclays Plc, the U.K.’s second-largest bank by assets, named audit chief Michael Roemer as head of compliance, two months after Hector Sants stepped down citing “stress and exhaustion.”
Roemer will start immediately and will report to Chief Executive Officer Antony Jenkins, London-based Barclays said in a statement on its website today.
Barclays said this week it will take a charge of 330 million pounds ($543 million) for regulatory penalties and lawsuits in the fourth quarter. Regulators are investigating the company for possible manipulation of foreign-exchange markets, it said in October. It’s also being probed over whether it properly disclosed 322 million pounds of payments to Qatar’s sovereign wealth fund as part of a 7 billion-pound fundraising during the financial crisis.
Roemer will be “accountable for ensuring that Barclays’s purpose and values underpin the conduct of all staff at all times,” the bank said in the statement.
He will take on some of the responsibilities previously held by Sants, who resigned in November. Sants, 58, former CEO of the Financial Services Authority, also oversaw government relations at the bank.