The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Former HBOS chief executives James Crosby and Andy Hornby (R) and chairman Dennis Stevenson (C) are seen in a combination of images in London. Bailed out British lender HBOS would have failed even without the 2008 financial crisis, a panel of lawmakers said in a report which blamed three men still in positions of influence in business and politics. Although regulators bore some of the blame, primary responsibility lay with Dennis Stevenson, chairman from the formation of HBOS in 2001 until its collapse, and former chief executives James Crosby and Andy Hornby, it said on Friday.
Former HBOS chief executives James Crosby and Andy Hornby (R) and chairman Dennis Stevenson (C) are seen in a combination of images in London. Bailed out British lender HBOS would have failed even without the 2008 financial crisis, a panel of lawmakers said in a report which blamed three men still in positions of influence in business and politics. Although regulators bore some of the blame, primary responsibility lay with Dennis Stevenson, chairman from the formation of HBOS in 2001 until its collapse, and former chief executives James Crosby and Andy Hornby, it said on Friday.
(Reuters TV/Reuters)

CARL MORTISHED

Are damning reports on pre-crisis banks useful, or a sideshow?

ROB Insight is a premium commentary product offering rapid analysis of business and economic news, corporate strategy and policy, published throughout the business day. Visit the ROB Insight homepage for analysis available only to subscribers.

It’s been Stampede Week in the City of London but instead of bucking broncos and steers, the animals in the rodeo have been bankers, lassoed, hobbled and branded as greedy and incompetent by two separate enquiries. The Parliamentary Commission on Banking Standards today published a report which calls on City regulators to ban three former board directors of HBOS from running financial companies. The Commission’s damning verdict on the HBOS three emerged a day after an internal report commissioned by Barclays Bank PLC, condemned the bank’s extravagant pay and warped “culture of entitlement” which left Barclays’ top 70 staff “oblivious to reality.”