Hector Sants Resigns From Barclays

Hector Sants Resigns From Barclays

Updated, 10:38 a.m. |

LONDON – Barclays said on Wednesday that Hector W. Sants would not return to his post as compliance chief after taking a leave of absence because of exhaustion and stress last month.

Mr. Sants, a former head of Britain’s financial regulator, resigned after concluding that he would not be able to return to work in the near term, Barclays said in a statement.

Barclays also said that its chief operations and technology officer, Shaygan Kheradpir,
was leaving. Mr. Kheradpir will become chief executive of Juniper Networks, based in Sunnyvale, Calif., succeeding Kevin Johnson, who is retiring, Juniper said in a statement.

At Barclays, Darryl West, the chief information officer, will take over from Mr. Kheradpir on an interim basis. Allen Meyer, head of compliance of the corporate and investment banking unit, will temporarily take on the responsibilities of Mr. Sants.

The departures are a setback for the chief executive, Antony P. Jenkins, who set out to change the bank’s culture and improve compliance after Barclays faced a string of legal issues, including a $ 450 million fine last year for its role in the manipulation of the benchmark London interbank offered rate, or Libor.

During his 10 months at Barclays, Mr. Sants started to review the bank’s risk-taking activities. Mr. Jenkins said in a statement on Wednesday that Mr. Sants “made significant progress towards creating a world class compliance function at Barclays and in improving our relationships with regulators and governments.”

Mr. Sants is not the only senior financial executive in London to take a leave in recent years because of stress. But his resignation stands in contrast to the actions of António Horta-Osório, chief executive of the Lloyds Banking Group, who returned to the bank after a two-month leave at the beginning of 2012.



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