LONDON (Reuters) - Hector Sants, the former top financial regulator who this year joined Barclays (BARC.L) as head of compliance and regulation, has resigned from the British bank due to stress and exhaustion.
Sants had been on sick leave since the beginning of October, and decided he will not be able to return to work in the near term so has resigned, Barclays said.
He was the latest senior banker to take time off for stress as the fallout from the financial crisis takes its toll on employees’ health.
Lloyds Banking Group (LLOY.L) Chief Executive Antonio Horta-Osorio took two months off at the end of 2011 on doctors’ orders after suffering sleep deprivation and exhaustion. He returned to work in early 2012 and has been praised for leading Lloyds’ turnaround and has been held up as an example to combat the stigma of mental illness.
Sants was head of compliance and government and regulatory relations at Barclays for 10 months, and had a busy start as the bank came under scrutiny for several conduct issues. He had been tasked with helping restore Barclays’ reputation and improve relations with authorities.
Sants spent five years at the helm of Britain’s Financial Services Authority, leading the organisation during the financial crisis.
Barclays said Shaygan Kheradpir, its chief operations and technology officer, had also resigned to become chief executive of a company in the United States. It did not name the company.
Kheradpir was appointed to a new role as head of operations and technology in March, after joining from U.S. telecoms firm Verizon at the start of 2011.
The bank said it will start internal and external searches for replacements.
Allen Meyer, head of compliance for corporate and investment banking, will take on Sants’ role in the interim. Darryl West, chief information officer, will act as interim chief operations and technology officer, the bank said.
Reporting by Steve Slater; Editing by Matt Scuffham