HBOS chief hands back knighthood

Should we feel any pity for Sir James Crosby, who has offered to turn in his knighthood and take a 30% pension-cut?

The former chief executive of HBOS, Sir James Crosby, has offered to hand back his knighthood and take a 30% cut in his £580,000 annual pension. He succumbed to political pressure after a report last week by the Parliamentary Commission on Banking Standards in which the bank's former leadership was lambasted for presiding over a "colossal failure". Crosby has also relinquished his role as senior independent director at Compass.

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