LONDON (Reuters) – Hector Sants, the former head of Britain’s Financial Services authority, will receive a remuneration package worth as much as 3 million pounds ($4.8 million) upon his move to Barclays Plc next month, the Financial Times reported on Wednesday.
Sants, who will become Barclays’ head of compliance and government relations, will be one of the 10 best-paid executives at the British lender, people familiar with the deal were cited as saying.
He will be paid a base salary in line with the 700,000 pounds earned by other top executives, though the annual bonus, which depends on performance, will be lower, at less than 1 million pounds, the FT said.
Up to 1.5 million pounds would be payable under a long-term incentive plan over at least three years and which would also be dependent on performance, the FT said.
Barclays declined to comment on the report.