Barclays compliance chief quits following period out due to exhaustion

Barclays’ head of compliance and regulatory relations Hector Sants, who last month took a temporary leave of absence due to stress and exhaustion, has resigned from the post.  

Sants, who headed the FSA during the financial crisis, took up the newly-created role in January this year as Barclays looked to overhaul ties with regulators. 

The bank’s head of compliance in corporate and investment banking, Allen Meyer, will fill the role on an interim basis while Barclays runs an “internal and external search” for a replacement.

Sants was initially due back in January after the bank announced in October that he was taking time off (16 October 2013).

The position of of compliance and regulatory relations head put him in overall charge of the company’s global compliance activities soon after Barclays was fined £290m for rigging the London interbank offered rate (Libor) last summer.

The bank’s in-house legal team also underwent a minor restructuring following his appointment (12 December 2012). The hire meant that a small number of Barclays employees who previously reported to group general counsel Mark Harding, who has since been replaced by former PNC Financial Services general counsel Bob Hoyt (30 August 2013), instead reported to Sants.

Group chief executive Anthony Jenkins said of Sants’ exit: ”Although only with us for 10 months, he has made significant progress towards creating a world class compliance function at Barclays and in improving our relationships with regulators and governments.”

The move comes amid another senior management change at the bank, with chief operations and technology officer Shaygan Kheradpir leaving to become CEO of an unknown US company. A replacement has not yet been named.