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Hector Sants on leave from Barclays after being diagnosed with exhaustion Hector Sants on leave from Barclays after being diagnosed with exhaustion
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Sir Hector Sants, the head of the City regulator during the financial crisis, is taking a leave of absence from his new role at Barclays after being diagnosed with exhaustion and stress.Sir Hector Sants, the head of the City regulator during the financial crisis, is taking a leave of absence from his new role at Barclays after being diagnosed with exhaustion and stress.
Sants began the high-profile job running the bank's compliance operations at the beginning of the year after quitting the Financial Services Authority in 2012, before it was disbanded. If he had stayed at the coalition's new-look regulatory bodies he would have become a deputy governor of the Bank of England and head of the new Prudential Regulation Authority. Sants began the high-profile job of running the bank's compliance operations at the beginning of the year after quitting the Financial Services Authority in 2012, before it was disbanded. If he had stayed at the coalition's new-look regulatory bodies, he would have become a deputy governor of the Bank of England and head of the new Prudential Regulation Authority.
Knighted in the 2012 new year's honours list after he left the FSA, Sants was hired by Barclays on a deal thought to be worth in the region of £3m, at a time when the bank was mired in controversy following its £290m fine for rigging Libor. Knighted in the 2012 new year's honours list after he left the FSA, Sants was hired by Barclays, on a deal thought to be worth in the region of £3m, at a time when the bank was mired in controversy following its £290m fine for rigging Libor.
Sants, who began his career in banking, found himself at the centre of the financial storm in 2007 after he was promoted to chief executive of the FSA in July that year, just as the financial crisis struck. Sants, who began his career in banking, found himself at the centre of the financial storm in 2007 after he was promoted to chief executive of the FSA in July, just as the financial crisis struck. The intense workload during the crisis is thought to have taken its toll as Sants took control of Barclay's fast-growing compliance department of 1,300 staff and began to overhaul its culture.
The intense workload during the crisis is thought to have taken its toll on Sants as he took control of Barclay's fast-growing compliance department of 1,300 staff and began to overhaul its culture. Antony Jenkins, the chief executive charged with turning round the reputation of Barclays in the wake of the Libor-rigging scandal, has made Sants part of his inner management team, giving him a seat on the executive committee which runs the bank day to day.
A Barclays spokesman said: "Rather than carry on working and risk more serious consequences to his health, he is following medical advice and will be taking a leave of absence until the end of the year."A Barclays spokesman said: "Rather than carry on working and risk more serious consequences to his health, he is following medical advice and will be taking a leave of absence until the end of the year."
Antony Jenkins, the new chief executive charged with turning round the reputation of Barclays in the wake of the Libor-rigging scandal, has made Sants part of his inner management team, giving him a seat on the executive committee which runs the bank day to day. Sants is the latest senior City figure to go absent on the recommendation of doctors.
Sants, who has already been off work for a number of weeks, will be away from the bank until the end of the year, becoming the latest senior City figure to take time off on the recommendation of doctors. António Horta-Osório took time off with exhaustion at the end of 2011 after becoming the chief executive of Lloyds Banking Group and has said he checked himself into the Priory clinic because of the extent of his sleep deprivation. He admitted he did not sleep for five days in late October 2011, six months after taking the helm of the bailed-out bank.
António Horta-Osório took time off with exhaustion at the end of 2011 after becoming the chief executive of Lloyds Banking Group and has said he checked himself into the Priory clinic because of the extent of his sleep deprivation. He admitted he did not sleep for five days in late October 2011, six months after taking the helm of the bailed out bank. Horta-Osório returned to work in January 2012 and has since overseen the sale of the first tranche of the government stake in the bailed-out bank. He told the Financial Times this week that he took the time off after realising Lloyds was in a "worse shape than I thought when I took the job". He said: "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."
Horta-Osório returned to work on 9 January 2012 and has since overseen the government selling off the first tranche of its stake in the bailed-out bank. He told the Financial Times this week that he took the time off after realising Lloyds was in a "worse shape than I thought when I took the job".
He said: "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."
The high-pressure culture of the City has also been in focus after an intern at Bank of America Merrill Lynch was found dead after working through the night. An inquest will be held into Moritz Erhardt's death this month.The high-pressure culture of the City has also been in focus after an intern at Bank of America Merrill Lynch was found dead after working through the night. An inquest will be held into Moritz Erhardt's death this month.
Sants resigned from the FSA in 2010 but was persuaded by the then new coalition government to stay and oversee the transition to the new regulatory model – splitting the FSA into the PRA at the Bank of England, and the Financial Conduct Authority – although he eventually quit before the structure was put in place. Sants resigned from the FSA in 2010 but was persuaded by the coalition government to oversee the transition to the new regulatory model – splitting the FSA into the PRA, at the Bank of England, and the Financial Conduct Authority – but he quit before the structure was put in place.
Sandra Delroy, clinical director of mental health at Bupa, said: "Exhaustion and stress are not to be taken lightly. Regardless of the position they hold within their company, employees need to feel comfortable discussing stress openly – and should never be allowed to get to the stage where stress is a daily issue and causes them to take time off.Sandra Delroy, clinical director of mental health at Bupa, said: "Exhaustion and stress are not to be taken lightly. Regardless of the position they hold within their company, employees need to feel comfortable discussing stress openly – and should never be allowed to get to the stage where stress is a daily issue and causes them to take time off.
"Then stress is not seen as a personal weakness. Leaders have an opportunity to act as an example and be the first to engage with issues of mental wellbeing, rather the ones who suffer most." " Then stress is not seen as a personal weakness. Leaders have an opportunity to act as an example and be the first to engage with issues of mental wellbeing, rather the ones who suffer most."
In recognition of the toll the financial crisis has taken on its staff, the Bank of England this month signed up to the Time to Change campaign which is intended to end stigma and discrimination against people with mental health problems.In recognition of the toll the financial crisis has taken on its staff, the Bank of England this month signed up to the Time to Change campaign which is intended to end stigma and discrimination against people with mental health problems.
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