Former HBOS chief Sir James Crosby resigns from new role in wake of commission findings

Sir James Crosby
Sir James Crosby

Former HBOS chief executive Sir James Crosby today stepped down from his role with private equity firm Bridgepoint following a damning report into the collapse of the bank.

The Parliamentary Commission on Banking Standards claimed Sir James was the “architect of the strategy that set the course for disaster” and held primary responsibility for the collapse along with former chairman Lord Stevenson and fellow chief executive Andy Hornby.

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.”

The commission blamed their “toxic” misjudgments for the bank’s downfall and £20.5 billion taxpayer bailout at the height of the financial crisis, and said they should not be allowed to work in the financial sector again.

It found the former HBOS bosses also failed to admit their mistakes and should apologise for their “incompetent and reckless board strategy”.

Sir James was chief executive of HBOS from 2001 to 2006 and also former deputy chairman of the Financial Services Authority.

He was a member of the European Advisory Board at Bridgepoint and is also a senior independent director of catering firm Compass.