A closed branch of Halifax Bank of Scotland (HBOS) is pictured in Birkenhead in north-west England, on October 15, 2008. AFP PHOTO/PAUL ELLIS A closed branch of Halifax Bank of Scotland (HBOS) is pictured in Birkenhead in north-west England, on October 15, 2008. AFP PHOTO/PAUL ELLIS
London - The former bosses of HBOS were responsible for its collapse because they ignored the risks of pursuing relentless growth, according to a damning report.
Several managers could now face city bans after a QC forced watchdogs to reopen investigations into their conduct.
They include former chief executive Andy Hornby, now working at the bookmaker Coral, his predecessor James Crosby and the former chairman Lord Stevenson.
Andrew Green, QC, described the decisions that led to only one man, the former head of commercial banking Peter Cummings, being called to account as “materially flawed”.
In his report published yesterday, Green said regulators should now consider whether “any former senior managers of HBOS” should be subjected to bans.
The lender had to be rescued by Lloyds in 2008, and was the reason Lloyds later had to the taxpayer for a bailout.
The report found that HBOS pursued growth at all costs. Eight former HBOS directors said through law firm Ashurtst that they “disagreed” with several report conclusions.
THE INDEPENDENT