Former HBOS chief executive Sir James Crosby is giving up his knighthood and 30 per cent of his pension pot after a damning parliamentary report into the bank’s collapse.
A parliamentary commission on banking standards report, published last week, called for Crosby, ex-chief executive Andy Hornby and chairman Lord Stevenson to be banned from working in financial services.
Crosby was HBOS chief executive from its creation in 2001 folowing the merger of Halifax and Bank of Scotland to 2006. He was also FSA deputy chairman from 2007 to 2009.
According to ITV News, Crosby today said: “Shortly after I left HBOS, I received the enormous honour of a knighthood in recognition of my own – and many other people’s – contribution to the creation of a company which was then widely regarded as a great success.
“In view of what has happened subsequently to HBOS, I believe that it is right that I should now ask the appropriate authorities to take the necessary steps for its removal.”
Last week, Crosby resigned as a consultant to private equity firm Bridgepoint.