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Ex-HBOS chief formally stripped of his knighthood Ex-HBOS chief James Crosby stripped of knighthood
(35 minutes later)
Former HBOS chief executive James Crosby has been formally stripped of his knighthood, the UK Cabinet Office says. Former HBOS chief executive James Crosby has been formally stripped of his knighthood, the UK Cabinet Office has said.
Following a highly critical report in April by the Banking Standards Commission, Sir James asked for his knighthood to be removed. Following a highly critical report by the Banking Standards Commission in April, Sir James asked for his knighthood to be removed.
The report described him as the "architect" of the strategy that led to HBOS' downfall.The report described him as the "architect" of the strategy that led to HBOS' downfall.
Mr Crosby served as chief executive between 2001 and 2006. Mr Crosby served as chief executive of the bank between 2001 and 2006.
He was given the knighthood in 2006 after he had left HBOS.
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."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. Mr Crosby also resigned as a non-executive director of Compass Group and gave up 30% of his £580,000-a-year HBOS pension, meaning he will waive around £174,000 this year.
At the time of the report he said this "made for very chastening reading". In response to the Banking Standards Commission's report, he said in April it "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."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.""I am deeply sorry for what happened at HBOS."
At the height of the financial crisis five years ago, Lloyds took over HBOS, the group that owned Halifax and Bank of Scotland. But the government ended up with a stake of about 40% in the new Lloyds Banking Group.
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.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.