Former Financial Services Authority (FSA) chief executive Hector Sants is to receive a £3 million remuneration package in his new job as Barclays head of compliance, according to the Financial Times.
The paper cited people familiar with the deal as claiming Sants' basic salary will be £700,000. His annual bonus will be around £1 million depending on performance, and he will receive up to £1.5 million paid over at least three years as part of a performance-based long-term incentive plan (LTIP), the paper said.
The FT said the package would place Sants (pictured) among the 10 best-paid executives at the bank. Barclays would not comment to the paper on the figures but said that executives LTIP had only paid out 37% of the maximum over the past five years.