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Sants to spearhead Barclays pay crackdown

by Daniel Grote on Dec 24, 2012 at 08:08

Former Financial Services Authority chief executive Hector Sants is to spearhead a crackdown on high pay at Barclays in his new role as head of compliance at the bank, according to The Sunday Telegraph.

Sants (pictured), whose pay package at the bank is reported to be worth £3 million, will work with chief executive Antony Jenkins on reducing pay and changing how performance is assessed, according to the paper.

The work forms part of Project Transform, a strategic review of the bank which will be revealed alongside its results on February 12.

The paper said future payouts at the bank will depend not just on meeting financial goals but on the ‘social impact’ of work.

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5 comments so far. Why not have your say?

Minimum wage is minimum so what is high? 10 times minimum wage or 100 times or 1000 times?

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So, Mr Sants with his £3 million package is cracking down on pay for the rest of the staff.

I have rarely, if ever, seen such a strong sell signal for a company's shares as for Barclays the day Mr Sants joined.

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On the day I receive my first letter from Standard Life telling me they have 'switched off' trail commission on a pension policy because the employer has increased the contribution, the one thing I didn't need was another picture of this ****hole. We'll get the trail switched on again as CAR, so it boils down to just extra paperwork, extra work, extra hassle and for what?

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Somebody somewhere is having an absolute laugh at the rest of us. Whilst most decent advisers have spent years building up their client banks through hard work and held clients hand through the trauma of the last decade, this wally who had a hand in all that was wrong with the incompetent regulator gets paid a fortune from the FSA, gets 6 months gardening leave on £50k a month and then lands a cushy little number on a basic salary of £58,000 per month plus bonus, shares and pension contributions at one of the big banks and his job is to crack down on high pay.

The hypocracy of it all is absolutely staggering and utterly shameful. Meanwhile the regulator is still banging on about an investor being in one fund which charges more than 0.5% a year more than another fund. It really is missing the point a bit but then we've realised that going after the small firms who were with their clients all the way through the mess created by the regulator is easy for the regulator. Will they never learn and will the government ever get to grips with these outrageously expensive incompetents?

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Usually found sitting on the fence

Dec 27, 2012 at 10:10

Should be a reasonably short conversation between Sants and Jenkins when he strolls into work for the first time... "Morning Jenkins". "Morning Sants". "It's us I am afraid, that's overpaid". "You're right Sants, let's recommend we quit with 6 months garden leave". "Have the letter in my pocket, same one I gave at the FSA".

BUT I bet it's the cashiers and admin staff that come under close scrutiny!!

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