Sir Hector Sants to join management consultancy firm

Hector Sants

Sir Hector Sants, the former City regulator who resigned from Barclays a year ago after being signed off sick with exhaustion and stress, is to become a partner at management consultancy Oliver Wyman.

Before taking up the partnership Sants will in January also take on a six-month role with Abu Dhabi Global Market, which is formally launching next year with the aim of turning the UAE capital into a global financial centre.

Sants has been chairing the Archbishop of Canterbury’s taskforce on credit unions since leaving Barclays in November 2013 just 10 months after he took over the compliance operations of the bank. At the time of his departure, Barclays said Sants was resigning because he would not be able to return to work in the near future following a diagnosis of stress and exhaustion.

He was at the centre of the 2008 banking crisis after becoming chief executive of the Financial Services Authority in July 2007. An investment banker by background, Sants had joined the FSA in 2004 and resigned in February 2010, although he eventually stayed on to oversee the break up of the FSA and its replacement by twin regulators within the Bank of England – the Financial Conduct Authority and the Prudential Regulation Authority. He had been lined up to become deputy governor of the Bank of England before quitting in 2012 ahead of the formal break–up of the FSA.

His appointment to Barclays – announced in December 2012 – came as the bank’s new boss, Antony Jenkins, was trying to overhaul its culture in the wake of the Libor-rigging scandal. Sants, who was said to have been on a salary of £3m a year, was seen as an important member of the team assembled by Jenkins to repair Barclays’ relations with regulators.

Oliver Wyman is owned by the US company Marsh & McLennan and was involved in devising the stress tests of European banks in 2013 and on the health checks on Spanish banks in 2012.

Powered by article was written by Jill Treanor, for The Guardian on Tuesday 16th December 2014 05.01 Europe/London © Guardian News and Media Limited 2010


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