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Sants scoops £3m pay deal at Barclays

by Daniel Grote on Dec 19, 2012 at 08:12

Sants scoops £3m pay deal at Barclays

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.

26 comments so far. Why not have your say?

Smithling via mobile

Dec 19, 2012 at 08:22

Only 37%? Barely worth turning up to work for.

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Yellow Monkey

Dec 19, 2012 at 08:40

Long Term incentive plan over at least three years???unless I'm missing something long term to most would be in excess of 10! It would give people a true vested interest in the company and its clients.

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Nick

Dec 19, 2012 at 08:41

Letter found in wast bin

Dear Barclays

As you know its now payback time. All I did for you at The FSA now needs paying for. Please remember this when calculating my salary, I still have friends at the FSA!

Love and kisses

Hector

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AHnonymous

Dec 19, 2012 at 08:45

It would be interesting to see the structure of the LTIP!!

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Andrew IFA

Dec 19, 2012 at 08:51

I am closing my account with Barclays!

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Julian Stevens

Dec 19, 2012 at 08:58

As I posted somewhere or other quite a few years back, most of the best paid jobs in financial services these days appear to be in compliance and what better stepping stone to such a job can there be than a stint at the FSA?

Will Hector's new broom have stiff and stout bristles or soft and pliant ones?

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Anitaki

Dec 19, 2012 at 09:00

Must tell the Pension Service to build a "Long Term Incentive Plan" into my State Pension

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Paul Barnard

Dec 19, 2012 at 09:11

I was watching a piece on BBC about corruption and nepotism in Equatorial New Guinea. At least, I think it was Equitorial New Guinea......

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JStevens

Dec 19, 2012 at 09:12

@Yellow Monkey - totally agree, 3 years isn't long-term. Bonuses at this level should be paid to reflect results over a greater period of time, and should be paid several years down the line to give any malpractice time to come to light.

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James

Dec 19, 2012 at 09:20

One schyster joining another bunch of schysters - a match made in corrupt UK plc heaven.

Best action for the population is to close their accounts and end their dealings with Barclays.

Sants should be having his head swinging from London Bridge, not getting excessive rewards for being a slimeball.

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Jonathan Kirby

Dec 19, 2012 at 09:23

Nice to see he has what amounts to a commission based package.

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Man of Kent

Dec 19, 2012 at 09:24

Santa comes early for Sants.

"His annual bonus will be around £1 million depending on performance..." How do you measure performance in Compliance? I would have thought only breaches are measurable - making things compliant is surely part of the almost derisory £700,000 he's paid?

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Sir AA

Dec 19, 2012 at 09:29

Stinky or what? This is why the regulator cannot rein Bankers in on casino bonuses!

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Big Al

Dec 19, 2012 at 09:32

Never mind dear Hector,what about the money FSA are still wasting? overpaid staff,works of art,is the DB pension scheme still going? Just another gravy train--shame I'm not on it.

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Tracey Case

Dec 19, 2012 at 09:46

These figures are obscene.

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Stratfield

Dec 19, 2012 at 09:51

@Tracey

are you talking about the figures known as Sants et al ?

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Tracey Case

Dec 19, 2012 at 10:13

Haha...I was referring to the pay package figures, but now you mention it....

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Richard Hardy

Dec 19, 2012 at 10:19

Head of Compliance! (this is how to avoid being done for this, this is how to avoid being done for that).

I'd love to see his reference letter from the FSA!

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Adam Grant

Dec 19, 2012 at 10:21

Every time I see a picture of this awful man, it makes me want to slap his face! All I'm left with is a nasty taste in my mouth,...

Performance bonus?! With a history of ******* everything up around him, and then leaving the sinking ship, blissfully aware of the carnage he refuses to see in his rear view mirror, I actually feel sorry for Barclays,... (well, their customers anyways,...)

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Dante

Dec 19, 2012 at 12:10

Hector has yet to meet Achilles .....

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yellow army

Dec 19, 2012 at 13:39

so he introduces a load of measures whilst at the FSA to increase the burden of compliance on financial companies, so that he can then go and become a compliance officer and be paid 3 times what he was being paid at the fsa! talk about vested interests!!!

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alan mcintosh

Dec 19, 2012 at 13:42

Spot on Nick

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Orlando Furioso

Dec 19, 2012 at 18:02

I must agree with one of the earlier correspondents, that Barclays want him to shield them from any interference from the FCA when their future business methods and policies threaten an investigation. Past history shows that the money is to be made when the interests if the public are trodden on and when the Regulator can be persuaded to look the other way. I should watch Barclays very closely from now on. He now gets paid nearly four times what he earned at the FSA, which is around 18 times what his equivalent at the Securities and Exchange Commission in the USA (their equivalent to the FSA) gets paid. Is he worth that? Of course not in terms of (in)competence. But as a shield to hide darker doings, to them, yes. However, if we can catch him out, there may yet be a jail sentence or public humiliation for him (and without the threat of the big boots of the FSA being sent in to anyone with the temerity to challenge him/them).

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Gravy train via mobile

Dec 19, 2012 at 23:32

Yet more reward for failure. Really have to stop this revolving door between FSA and big bank/ accountancy firms as its plain wrong and involves to many vested interests in the regulator.

£3m for Sants - imagine what he would be paid if he was any good?

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Jonathan Kirby

Dec 20, 2012 at 11:30

@ Orlando Furioso

I must take issue with one part of your comment.

You said it was four time what he earned.

I think it would be more accurate to say, what he was paid.

I don't think he earned anything other than a total lack of recpect.

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stephen lyth

Dec 20, 2012 at 13:48

This is where the crux of the problems with this country lye, employing people with limited talent on high salaries who will never do anything good with their wealth.Politicians, Bankers, The BBC and FSA its all jobs for the boys

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