HBOS chief in ‘failure’ talks

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FORMER HBOS chief executive Sir James Crosby has agreed with MPs that “incompetent” lending helped lay waste to the bank with billions of pounds of losses.

He also told members of the Parliamentary Commission on Banking Standards that he realised his reputation in banking was irrevocably damaged by the collapse and that retaining his knighthood was for others to decide.

The bank was rescued by Lloyds in 2009, and its lending was responsible for the bank having to receive two multi-billion-pound taxpayer bailouts.