Ex HBOS boss to return honour

Former HBOS chief executive Sir James Crosby, who was criticised in a recent parliamentary report into failures at the bank, has announced that he will give up his Knighthood and forego 30 percent of his gross pension entitlement.

Friends of James Crosby: Honour decision was difficult

by - Economics Editor

I have spoken to people close to the former HBOS chief Sir James Crosby who say that these two decisions, to forego his knighthood and almost a third of his pension, have been very difficult for him to take.

They say he was taken aback by his portrayal in the press, and he hopes that this sacrifice will be seen as appropriate and will stop what he saw as a witch hunt against him.

It is too early to say whether it will work, but I have spoken to some people who suffered as a result of what went on at HBOS and they have welcomed the steps.

Read: Former HBOS boss James Crosby gives up Knighthood

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Former HBOS chief gives up cancer charity position

Sir James Crosby at his home near Harrogate
Sir James Crosby at his home near Harrogate Credit: John Giles/PA Wire

Former HBOS chief Sir James Crosby has also announced today that he will stand down as a trustee of charity Cancer Research UK.

He said he had made the decision "with great personal sadness," but that he wanted to "put their interests firmly before mine".

He also said in the statement that he was "deeply sorry for what happened at HBOS" and that he has "always tried to act with integrity and to the best of my abilities".

Read: Where angels fear to tread: The failings of HBOS bankers

Sir James Crosby to forego 30% of pension entitlement

Former HBOS chief Sir James Crosby has announced today that he will forego 30% of his gross pension entitlement in addition to giving up his Knighthood.

Read: Former HBOS boss James Crosby gives up Knighthood

The pension has been built up over 30 years, including 12 years spent at Halifax and HBOS, and currently amounts to around £580,000 per annum.

His decision will still leave him with an annual payout worth £406,000.

He said in a statement released today that he "will be discussing how this reduction is implemented, and whether the amount waived should go to support good causes, or benefit shareholders".

Former HBOS boss James Crosby gives up Knighthood

A former boss of HBOS, who was slated in a recent parliamentary report into failures at the bank, has announced that he will give up his Knighthood.

Sir James Crosby was chief executive of HBOS from 2001 to 2006. In a statement released today, he said:

James Crosby, former Chief Executive of Halifax Bank of Scotland Credit: PA/PA Wire

"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 added that he would also forego 30% of his gross pension entitlement.