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| Ex-HBOS chief Sir James Crosby asks to return knighthood | |
| (35 minutes later) | |
| Former HBOS chief executive Sir James Crosby has asked for his knighthood to be removed. | Former HBOS chief executive Sir James Crosby has asked for his knighthood to be removed. |
| He will also forgo 30% of his pension following last week's critical report into the bank's collapse. Sir James served as chief executive at HBOS between 2001 and 2006. | He will also forgo 30% of his pension following last week's critical report into the bank's collapse. Sir James served as chief executive at HBOS between 2001 and 2006. |
| In the Banking Standards Commission report, Sir James was described as one of the men behind HBOS' downfall. | In the Banking Standards Commission report, Sir James was described as one of the men behind HBOS' downfall. |
| His request will now be considered by a Whitehall honours committee. | His request will now be considered by a Whitehall honours committee. |
| 'Deeply sorry' | |
| Sir James said that the banking report "made for very chastening reading". | |
| He added: "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. | |
| "I would therefore like to repeat today what I said when I appeared in public before the commission in December; namely that I am deeply sorry for what happened at HBOS and the ensuing consequences for former colleagues, shareholders, taxpayers and society in general. | |
| "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." | |
| He said that during the course of his 30-year career, including 12 years at Halifax and HBOS, he had "both contributed to and built up a substantial pension entitlement". | |
| 'Good causes' | |
| Sir James said he had decided to forgo 30% of his gross pension entitlement payable to him during the rest of his lifetime. His current annual pension payment amounts to about £580,000 a year. | |
| "I will be discussing how this reduction is implemented, and whether the amount waived should go to support good causes, or benefit shareholders, with the pension scheme's employer and trustees." | |
| Following the banking standards report, Sir James, who served as chief executive at HBOS between 2001 and 2006, resigned from an advisory position he held at London-based private equity firm Bridgepoint. | |
| He now says he will also stand down from his voluntary position as a trustee of Cancer Research UK. | |
| Last week the banking standards expressed frustration that City regulators had "taken no steps" to consider banning Sir James, and two further former HBOS executives Andy Hornby and Lord Stevenson , from further involvement in financial services. | |
| And it said financial regulators should consider banning the three former top HBOS bankers from senior roles in the financial sector. |