Sir Hector Sants, Barclays’ head of compliance, and former chief executive of the Financial Services Authority (now Financial Conduct Authority) has taken a temporary leave of absence due to “exhaustion and stress”.
He is expected to be off work for about three months, returning to work in the New Year.
Sants took up the role at Barclays in January this year, following five years as the chief executive of the Financial Services Authority during the global banking crisis.
Sants becomes the latest senior banking figure to take stress-related leave on the recommendation of doctors, a move which will inevitably see renewed calls for the levels of stress in the city to be dealt with.
In 2011, António Horta-Osório took time off after taking up the position as Lloyds Banking Group’s chief executive. Speaking to the Financial Times this week, he said he decided to take time off after realising Lloyds was in a “worse shape than I thought when I took the job”.
He added: “Those are the types of problems a CEO has to deal with on his own and cannot share with many people because it [would be]counter-productive.”
When Horta-Osório returned to work in January 2012 he admitted he had not slept for five days in late October 2011.
Sants will continue to receive his full salary of £700,000 while away, part of a remuneration package estimated to be worth £3m.