LONDON – British bank Barclays says Hector Sants, the senior manager hired to help it recover from a series of scandals, has decided to resign after suffering from stress and exhaustion.
The bank said Wednesday that Sants has concluded he wouldn’t be able to return in the near term and consequently decided to quit.
Sants started work at the bank this year after five years heading Britain’s Financial Services Authority during the global banking crisis.
Antony Jenkins, who appointed Sants as part of reforms to reinforce a more ethical stance at the bank, issued a statement noting that although Sants had been with the bank only 10 months, progress had been made.
Last year, regulators fined Barclays 290 million pounds ($462 million) for manipulating a key interbank lending rate.