HBOS – the British bank that had to be bailed out with over thirty billion euros worth of taxpayers money – was so badly run it would have failed even without the 2008 financial crisis .. according to the UK’s Parliamentary Commission on Banking Standards.
The Commission says its former bosses should be banned from the industry for their “colossal failure”.
They are former chief executive Sir James Crosby, who fired a whistleblower who warned of risky business practices; Chairman Lord Stevenson, who said reckless lending at HBOS was not his fault as he was “only there part time”; and Crosby’s successor Andy Hornby, who is the current head of one of Britain’s biggest gambling firms.
Andrew Tyrie, Chairman of the Parliamentary Commission on Banking Standards, called the lender an “accident waiting to happen”.
Tyrie said the bank’s problems were “as a direct consequence of very poor quality management, right from the top. The key decisions being made at board level were driving the bank in a direction that was likely to put it on the rocks, and so it proved.”
Lloyds Banking Group took over HBOS – in a rescue deal brokered by the government – as it struggled under a mountain of bad loans.
Lloyds distanced itself from the damning findings of the Commission which had been tasked with finding ways to reform the UK’s disgraced banking system and which also blamed the industry’s regulator as “thoroughly inadequate”.
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International news | euronews, latest international news
- 3Madrid to appeal Catalan road to independence from Spain
- 4Hope vs harsh reality: challenges to global education goals in the 21st century
- 5Turkey: Explosion hits Istanbul’s main tourist district
- 6Partnering to grow Europe
- 7Extras : euronews : the latest international news as video on demand
- 8Jorge Lorenzo clinches his third MotoGP title in Valencia
- 9Thousands in Bucharest blame corruption for Friday’s nightclub blaze
- 10Moldova: protesters storm Parliament
- 11Macedonian Postcards: The Mavrovo National Park
- 12Paris: “I would rather see my brother in prison than in a cemetery”
- 13Benzema questioned in French sex tape case
- 14Special Reports : euronews : the latest international news as video on demand
- 15latest Learning World - All Programmes | euronews : the latest international news as video on demand
- 16Norway sends Syrian refugees back to Russia
- 17Merroussis clinches the 33rd Athens Authentic Marathon
- 18Brussels remains on high alert: ‘multiple operations underway’ across Belgium
- 19Evo Morales celebrates his birthday by playing football
- 20Business news and finance news | euronews: international economic and finance news
Sanofi earnings to be ‘stable’ despite declining sales
TUI shifts destination focus over security concerns in Turkey and North Africa
Peugeot Citroen compensates Iran for sanctions prompted pull out
Volkswagen emissions scandal delays 2015 financial results and shareholders’ meeting
Toyota in optimistic mood over China and US
Wires > Business
- 01:07 CET Millennials are shifting car ownership model; ask Toyota
- 00:58 CET Japan January wholesale prices fall 3.1 percent year-on-year
- 23:44 CET HSBC money laundering report’s release likely delayed – U.S. judge
- 23:39 CET Viacom CEO rails against ‘naysayers’ as sales miss estimates…
- 22:32 CET Banks eye more cost cuts amid global growth concerns
- 22:12 CET GM recalling 473,000 SUVs, pickups in North America for brake…
- 22:08 CET Exclusive – Apex Capital CIO departs to launch hedge fund – letter
- 22:03 CET Amazon expands logistics reach in China