After the Co-operative Bank pulled out, Lloyds is now to launch 632 branches as a standalone business on the stock market. Could there be an opportunity here for Scotland to regain a bank headquarters?
Month: April 2013
Life is just not going well for former HBOS chief executive James Crosby. Not only is he about to lose his knighthood and a third of his pension, but he can’t sell his Edinburgh flat, despite dropping the price by £50,000.
We now know what the price of failure is for the CEO of a wrecked bank. Fred Goodwin at RBS set the tariff: a lost knighthood and a third off the pension. Now James Crosby at HBOS has fallen into line. But what should happen to the chairmen?
Whatever else she might be remembered for – Europe, the Falklands, the poll tax – the raft of financial deregulation Margaret Thatcher’s Government brought about paved the way for a twenty-year boom in financial services, a huge increase in personal and corporate debt and ultimately the crash of 2008.
The significance of the HBOS report from the Parliamentary Commission is not in any new evidence it has uncovered – we always knew why the bank went bust – but in the uncompromising way in which it named the men primarily responsible for bringing it down, chairman Lord Stevenson and chief executives Sir James Crosby and Andy Hornby.