http://www.dailymail.co.uk/news/article-2304418/Former-HBoS-chief-executive-Sir-...Finally a banker falls on his sword: Former HBoS chief executive quits top City job after damning report into 'catastrophic failures' at bank which cost British taxpayers £20bn
HBoS saddled with £238billion of debt had to be bailed out by Lloyds
The report examines the role of former HBoS chairman Lord Stevenson
Also criticises former chief executives Sir James Crosby and Andy Hornby
All three men have gone on to lucrative positions since leaving HBoS
Hours after report released Bridgepoint announces Sir James has quit
Ex-Labour City minister Lord Myners says Gordon Brown 'got it wrong'
By MATT CHORLEY and JAMES SALMON
PUBLISHED: 09:46 GMT, 5 April 2013 | UPDATED: 10:32 GMT, 5 April 2013
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The banking boss blamed for 'setting the course for disaster' at HBoS which left the taxpayer with a £25billion bill today quit his top job advising a major private equity firm after a damning report demanded he be banned from working in the City forever.
Sir James Crosby dramatically resigned from Bridgepoint, just hours after he faced criticism of his lead role in the collapse of the bank in a report by the Parliamentary Commission on Banking Standards.
The report claimed Sir James must take 'primary responsibility' for the collapse, along with former chairman Lord Stevenson and fellow chief executive Andy Hornby.
Critics called for Lord Stevenson and Sir James Crosby to be stripped of their honours, after former Royal Bank of Scotland chief executive Fred Goodwin was relieved of his knighthood last year.
More than four years since the lender had to be rescued by Lloyds and a massive government bailout, the ‘reckless’ bankers at the top were slated by the official report into the debacle.
They faced calls for a lifetime ban on working in the City after their ‘catastrophic failures’ saddled taxpayers with a £28billion bill.
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The commission said in the report: 'The primary responsibility for the downfall of HBOS should rest with Sir James Crosby, architect of the strategy that set the course for disaster, with Andy Hornby, who proved unable or unwilling to change course, and Lord Stevenson, who presided over the bank's board from its birth to its death.'
Sir James was chief executive of HBOS from 2001 to 2006 and is also a former deputy chairman of the Financial Services Authority.
He was a member of the European Advisory Board at Bridgepoint, although his salary was not made public, and is also a senior independent director of catering firm Compass where he earns £125,000.
A spokesman for Bridgepoint said: 'Following a discussion with Sir James this morning he has decided to resign from the advisory board.'
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The Commission blamed the three men's 'toxic' misjudgments for the bank's downfall and £20.5billion taxpayer bailout at the height of the financial crisis, and said they should not be allowed to work in the financial sector again.
But Mr Hornby's current employers, Gala Coral, are standing by him. Simon Clare, a Coral spokesman, said: 'Coral as a business is performing extremely well and that coincides with Andy's tenure as chief executive.
REWARD FOR FAILURE: HOW HBOS BOSSES CASHED IN AFTER SLUMP
LORD STEVENSON
■ Past earnings: £815,000 at HBOS
■ £500,000 as a non-executive of Western Union
■ £35,000 on board of Economist Group
■ Undisclosed salary at venture capital firm Loudwater
SIR JAMES CROSBY
■ Senior non-executive Compass: £125,000
■ Advisory committee of Bridgepoint: undisclosed
■ Salary when chairman of Misys: £180,000
Annual pension: £572,000
ANDY HORNBY
■ Chief executive of Coral – estimated at more than £500,000
■ Paid £2.1min first year at Alliance Boots
■ Received £2.4m when leaving Alliance Boots
£2.4m pension pot from HBOS
'He's doing a great job and we're delighted with the job he is doing. He has the complete backing of the business.'
The Government’s Commission on Banking Standards examined the roles played by former HBoS chairman Lord Stevenson and former chief executives Sir James Crosby and Andy Hornby, and its damning report today accuses them of presiding over a lending spree which led to the bank’s downfall at the height of the financial crisis in 2008.