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Bank charges: James Crosby stripped of knighthood

James Crosby, the ex-chief of HBOS, has been formally stripped of his knighthood.

The announcement was made in the London Gazette, with the following message: "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."

Earlier this year, Mr Crosby was criticised alongside Lord Stevenson and Andy Hornby for their management of HBOS during the financial collapse of 2008.

As HBOS fell into difficulty due to bad investments, it had to be bought out by Lloyds Banking Group, which then had to be bailed out by the government. At present, Lloyds is still 39 per cent owned by the taxpayer.

The report from the Parliamentary Commission on Banking Standards, which was published in April, claimed that HBOS would still have fallen had the financial crisis not occurred.

Mr Crosby described the report as "chastening" and apologised for the events at HBOS. During this time, he also resigned from his advisory role at Bridgepoint.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801598149-ADNFCR



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