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Ex-HBOS chief formally stripped of his knighthood Ex-HBOS chief formally stripped of his knighthood
(35 minutes later)
Former HBOS boss James Crosby has been formally stripped of his knighthood, UK Cabinet Office says. Former HBOS chief executive James Crosby has been formally stripped of his knighthood, the UK Cabinet Office says.
The move came at his own request. Following a highly critical report in April by the Banking Standards Commission, Sir James asked for his knighthood to be removed.
Sir James served as chief executive at HBOS between 2001 and 2006. The report described him as the "architect" of the strategy that led to HBOS' downfall.
He asked for the knighthood to be removed in April as a result of the bank's collapse during the financial crisis. Mr Crosby served as chief executive between 2001 and 2006.
The announcement, which came in the London Gazette, said: "Letters Patent dated 11 June 2013 have passed the Great Seal of the Realm cancelling and annulling the Knighthood conferred upon James Robert Crosby on the 6 December 2006 as a Knight Bachelor."
Mr Crosby also resigned as a non-executive director of Compass Group and gave up 30% of his £580,000-a-year HBOS pension.
At the time of the report he said this "made for very chastening reading".
"Although I stood down as CEO of HBOS in 2006, some three years before it was taken over by Lloyds, I have never sought to disassociate myself from what has happened," he continued.
"I am deeply sorry for what happened at HBOS."
His knighthood is the second casualty of the banking crisis. Fred Goodwin, the former chief executive of Royal Bank of Scotland, was stripped of his knighthood in 2012 after leading the bank to near-collapse in 2008, and an eventual multi-billion pound government bailout.