Former HBOS executive resigns from private equity firm

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.

Watch: MP slams 'colossal failures at HBOS and regulator'

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HBOS trio could face City bans

Three former HBOS directors blamed for the banking group's collapse in a damning report may be banned for life as company directors. Business Secretary Vince Cable has ordered a probe to see if enough evidence can disqualify the trio.