Hector Sants
Sir Hector Sants | |
|---|---|
| Born | Hector William Hepburn Sants December 15, 1955 |
| Occupation | Investment banker |
| Years active | 1977–present |
| Known for | Chief Executive Officer of the Financial Services Authority (2007–2012) |
Sir Hector William Hepburn Sants (born 15 December 1955) is a prominent British investment banker. He held the position of chief executive officer at the Financial Services Authority from July 2007 until June 2012. After his tenure at the FSA, he joined Barclays Bank in January 2013 but stepped down in November of the same year.
Education and personal life
Sants received his education at Clifton College followed by Corpus Christi College, Oxford. He is married to Caroline and they have three children together.
Phillips & Drew and UBS
In 1977, Sants began his career within the Research Department of the stockbroking firm Phillips & Drew, advancing to Senior Analyst for Food Manufacturing and Overseas Traders between 1978 and 1983. He attained partnership status in 1984.
Later that year, in December 1984, he relocated to New York as director, ascending to managing director in 1985 of Phillips & Drew International. Following the acquisition by Union Bank of Switzerland (UBS), Sants was appointed First Vice President responsible for UBS Securities’ international securities operations.
He returned to London in January 1988 to oversee global research efforts for UBS investment banking. By September 1988, he had become Vice Chairman of UBS Phillips & Drew Securities Ltd (renamed UBS Limited in 1993), initially managing equity and equity-linked secondary markets in London. From 1996 onward, he was charged with supervising all equity activities across Europe, Africa, and the Middle East. As a founding participant of UBS’s Global Equity Management Committee in 1994, he shared accountability for worldwide equity operations. In December 1997, he advanced to Global Head of Equities while maintaining direct responsibility for European product lines. Starting in 1998, he also joined the Executive Management Committee overseeing UBS wholesale operations throughout Europe.
After the 1998 merger between UBS and Swiss Bank Corporation, Sants took on the role of Joint Head of European Equities at investment bank Warburg Dillon Read, an entity formed by SBC through acquisitions.
DLJ and CSFB
Sants transitioned to Donaldson, Lufkin & Jenrette (DLJ) in July 1998 as global head of international equities and chairman of DLJ International Securities Ltd.
Following DLJ’s merger with Credit Suisse First Boston (CSFB) in October 2000, he became vice chairman responsible for equity operations outside the United States. In November 2001, he was promoted to CEO for the Europe, Middle East, and Africa region and joined both CSFB’s executive board and operating committee.
FSA
In May 2004, Sants joined the Financial Services Authority (FSA) as managing director for Wholesale and Institutional Markets before being appointed Chief Executive Officer in July 2007.
During a Treasury Select Committee hearing on the FSA in December 2008, Committee Chairman John McFall remarked on Sants’ detailed responses but ultimately commended his performance.
Barclays
In December 2012, Sants was named Head of Compliance and Government and Regulatory Relations at Barclays Bank, commencing his role in January 2013. This appointment came shortly after the FSA imposed a £59.5 million penalty on Barclays for manipulating the interbank borrowing rate (Libor scandal) soon after Sants had left the FSA in June 2012. Earlier that year, he had expressed concerns to Andrew Tyrie MP regarding Barclays’ corporate culture and governance under CEO Bob Diamond. His recruitment by Antony Jenkins, who succeeded Diamond, was intended to reinforce Barclays’ compliance framework and regulatory engagement as fundamental components of its business.
On 15 October 2013, Barclays disclosed that Sants would be taking a three-month leave due to "exhaustion and stress," with his resignation following on 13 November 2013.
Oliver Wyman
In July 2015, Sir Hector Sants became a Partner and Vice Chairman at Oliver Wyman. That same year, he spearheaded an evaluation for the British Bankers Association (BBA) focused on the competitive landscape of the UK banking industry. In September 2016, he co-directed a study commissioned by TheCityUK examining the possible effects of Brexit on the financial sector.
Other appointments
Alongside his primary professional roles, Sants has held several non-executive director positions at institutions such as the Securities and Futures Authority, the London Stock Exchange, and LCH.Clearnet. His service record includes membership on the FSA's Practitioners Panel, involvement with the Securities and Investments Board, participation in the founding committee of CREST, contributions to the Financial Law Panel, the Practitioner Investment Advisory Committee for the Public Trustee Office, and the LIBA Chairman's Committee. Additionally, he formerly chaired StepChange Debt Charity. On 1 January 2022, he assumed the role of Chair for the Oxford Diocesan Board of Finance, managing financial affairs for the Church of England's Diocese of Oxford.
Honours
Sants was honoured with a knighthood in the 2013 New Year Honours in recognition of his services to financial regulation and services. In 2016, the Archbishop of Canterbury awarded him the Langton Award for Community Service for his dedication to community initiatives within the Church of England.
Sir Hector Sants holds the position of Bynum Tudor Visiting Fellow at Kellogg College, Oxford.
External links
- Article in The Guardian
- Article in The Times
- Biography on Financial Services Authority website