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Sants to scoop £3m Barclays pay package

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Sants to scoop £3m Barclays pay package

Former Financial Services Authority (FSA) chief Hector Sants will receive a pay packet worth up to £3 million when he joins Barclays

According to reports, Sants (pictured) has secured a lucrative deal as part of his move to the bank to head up its compliance and government relations.

People familiar with the deal told the Financial Times Sants would take home a total remuneration package worth up to £3 million as Barclays - for the first time - brought its compliance operations under the control of a single person.

Consultancy Deloitte was also rumoured to have tried to lure the former City watchdog head, however earlier this month it was revealed Barclays has secured Sants' hire.

Sants, an investment banker at Credit Suisse before he joined the FSA in 2004, will officially join Barclays next month and is expected to take home a basic salary of £700,000 - in line with other executives - a bonus of under £1 million and long term incentives of up to £1.5 million, notched up over three years.

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