The former Chief of HBOS, Sir James Crosby, has given up his Knighthood together with third of his £580,000 per annum pension, leaving him with around £408,000 with that amount increasing with inflation.
The report made from the Parliamentary Commission on Banking Standards had criticised him as ‘the architect of the strategy that set the course for disaster’. Crosby has said that he was “deeply sorry for what happened at HBOS and the ensuing consequences for former colleagues, shareholders, taxpayers and society in general”.
Together with the forfeit of the Knighthood and the wedge of the pension, he has stepped down as the senior non-executive direct of the food catering company, Compass.
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