Former HBOS chief executive Sir James Crosby has resigned as an advisor to private equity firm Bridgepoint, following criticism of his role in the collapse of the bank, a Bridgepoint spokesman said.
Sir James was accused of being the "architect of the strategy that set the course for disaster" by the Parliamentary Commission on Banking Standards. A spokesman for the European investment firm said:
Following a discussion with Sir James this morning he has decided to resign from the advisory board.
A former boss of state-owned bank HBOS has said he will hand back his knighthood and almost a third of his pension after damning criticism.
A parliamentary report published today catalogues the foolish ambition which led to the collapse of the Bank of Scotland and Halifax.