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Ex-HBOS chief Sir James Crosby asks to return knighthood 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 £580,000-a-year pension following last week's critical report into the bank's collapse during the financial crisis.
In the Banking Standards Commission report, Sir James was described as one of the men behind HBOS' downfall. Sir James served as chief executive at HBOS between 2001 and 2006.
In the Banking Standards Commission report, Sir James was described the "architect" of the strategy that led to 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''Deeply sorry'
Sir James said that the banking report "made for very chastening reading". Sir James said that the Banking Commission 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.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."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.""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".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''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. 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, meaning he will waive around £174,000 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.""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. Following the publication of the Banking Commission's report last week, Sir James 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.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. In its report the commission expressed frustration that City regulators had "taken no steps" to consider banning Sir James and two other 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.