Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a646619

Sants to scoop £3m Barclays pay package

by Sarah Miloudi on Dec 19, 2012 at 08:19

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.

7 comments so far. Why not have your say?

Scammondenman

Dec 19, 2012 at 08:52

Comments Unprintable!!

report this

Former FSA employee

Dec 19, 2012 at 08:55

The rewards for failure never cease to make my heart sink.

report this

CoeurDeLion87

Dec 19, 2012 at 09:14

Yup, the regulators are now milking shareholders and often earning 10 x +++ what actual stockbrokers and fm's are earning. In essence the compliance universe has become a corrupt and warped environment with people like Sants acting like mini-Stalin's. These people are never wrong, never admit to mistakes, never take responsibility, never take any personal liability, know very little about the industry and sectors that they are regulating, are full of inflated egos, get absurdly overpaid for regurgitating non-sensical and often undemocratic compliance guidelines, lie to politicians, lie amongst themselves, issue costly fines to small FSA regulated firms that have no bearing on reality, let the architects of the universe get away with blue murder, put genuine PCIAM firms out of business on a regular basis and yet support the creation of bucket shops in the guise of CFD and other exotic derivative enterprises, do very little for the real economy, fail to ignite interest in real investing...have I missed anything? God help Barclays and its shareholders. No doubt when the balloon eventually goes up Sants and his cronies will have moved on to the next sucker bank.

report this

Fundador

Dec 19, 2012 at 09:22

Family motto: "Do as I say, not as I do." Irony is too weak a word. Sadly it doesn't beggar belief. In good company at Barclays whatever.

report this

The ssinnic

Dec 19, 2012 at 09:48

He's there to give advice to Barclays on the size of the fine to be paid to the FSA for Libor rigging.How little they need to pay up!

So much for "be very frightened folks!"

report this

Aries

Dec 19, 2012 at 11:07

barclays have still got too much money to burn.Sants is hardly worth £70,000 let alone £700,000. Why does he need any extra incentives to do a basic job

& make a nonsense of that one too.Barclays obviously think that they have bought off a puppet to enable them to continue to make illicit profits in the normal way.Didnt they do well in the small fine in comparison to UBS re Libor rigging.maybe it is pay-back time for Dear Hector.

report this

William 1st

Dec 19, 2012 at 13:10

I was on holiday when this was announced; I should have stayed away!

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

Investing for income in a changing environment


With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Look up the shares

  • Barclays PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

Archive

On the road

Click here to find out more from the Audience Development team.



Read more...

Legg Mason to buy Martin Currie

by Eleanor Lawrie on Jul 24, 2014 at 13:59

Sorry, this link is not
quite ready yet