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Barclays is set to undergo a minor restructuring of its in-house legal team following the appointment of former FSA CEO Hector Sants as head of the bank’s compliance function.
The hire, giving Sants a newly created role of head of compliance and government and regulatory relations, means that a small number of Barclays employees who previously reported to group general counsel Mark Harding will now have a line of reporting to Sants.
Sants, who headed the financial watchdog between 2007 and June 2012, takes up the position at the UK bank on 21 January and will be in overall charge of the company’s compliance activities globally.
As a result, the majority of compliance staff, who currently report along business-unit lines, will report to the central compliance department, including some who previously worked under Harding.
It is understood that Sants will have no role in selecting external law firms, an activity currently carried out by the in-house legal team.
Sants himself will report to group CEO Antony Jenkins, who was unveiled as the bank’s new chief in August.
Jenkins said in a statement: “In appointing this new senior role, and making these structural and reporting line changes, I want to do two things. The principal one is to create the conditions whereby a world-class compliance function can flourish, and the second is to send a clear signal of intent in terms of my personal commitment to delivering a culture in Barclays where compliance is universally welcomed and observed.
“Relationships with our regulators and governments around the world are obviously also of critical importance to us. We must apply a renewed leadership focus on these to make them as constructive and productive as possible.”
Sants added: “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 relationships with governments and regulators, gives me that opportunity.”