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Barclays to Compete with Deloitte for Hire of Former FSA Chief
December 9, 2012
By Michael Foster, Big4.com Blogger
Deloitte is no longer the only firm publicly seeking to offer an executive position to former Financial Supervisory Agency (FSA) chief Hector Sants. According to Sky News, British investment and retail bank Barclays is interested in hiring Sants to oversee the firm’s compliance and regulatory operations as an executive to the firm.
Sky News Editor Mark Kleinman also noted that the hire would be “significantly more controversial than if he were to move to Deloitte, given the bank’s involvement in the Libor-fixing scandal this year.” Kleinman referred to the Libor-fixing scandal in which Barclays was found guilty of manipulating interbank rates from as early as 2005, when traders would regularly submit certain rates that would benefit their financial positions. During and after the global financial crisis, traders submitted artificially lower rates in an attempt to make balance sheets seem stronger than they really were.
That scandal resulted in Barclays being fined $200 million by the U.S. based Commodity Futures Trading Commission and the United states Department of Justice.
The FSA fined Barclays £59.5 million ($95.3 million) just two days before Sants was slated to step down from the agency.
Neither Barclays nor Sants has commented on the possible appointment, nor has it been disclosed what compensation package Sants would be offered.