Sir Hector Sants, the former head of the FSA, has resigned from his high-profile role at Barclays bank, just one month after taking sick leave for stress and exhaustion.
His resignation comes after only 10 months of working as the bank’s head of compliance and government and regulatory relations, and will be a blow to Barclay’s, who hired him to help clean up the bank’s image after a string of scandals.
In a statement, the bank said: “He has concluded that he will not be able to return to work in the near term. Consequently he has decided to resign from Barclays and not return from sick leave.”
As the head of the FSA, Sants was a key figure in the banking world during the economic downturn, and was heavily criticised for allowing the RBS takeover of ABN Amro. He left the FSA in June 2012, just before it was split into the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) by the Coalition government.
In the interim, his position will be filled by Allen Meyer, a senior compliance executive, while the bank searches for a long-term replacement.