UK bank ex-CEO asks to be stripped of knighthood

AP News
Posted: Apr 09, 2013 11:49 AM

LONDON (AP) — The ex-chief executive of failed British bank HBOS wants to be stripped of his knighthood following a scathing report from the parliamentary banking standards committee.

James Crosby says he'll also give up 30 percent of his 580,000 pound ($887,000) annual pension after lawmakers blamed executives' "toxic" decisions for the bank's downfall.

Last week legislators accused Crosby and two other executives of failures in judgment that led the bank to the brink of collapse.

Crosby says he's deeply sorry for what happened at HBOS and that it's right to take steps to remove the knighthood.

Lloyds Banking Group agreed to buy HBOS in 2008 to save it from collapse. The British government spent 20.5 billion pounds bailing out the combined bank, which is still about 40 percent owned by British taxpayers.