Ex-bank boss to hand back honour

Press Association
James Crosby
James Crosby

Former HBOS chief executive Sir James Crosby has said he wants to be stripped of his knighthood and will give up 30% of his £580,000 a year pension after last week's scathing report into the bank's collapse.

Sir James, who stepped down from his role with private equity firm Bridgepoint on Friday, said he was "deeply sorry" for what happened at HBOS and the "ensuing consequences" for the bailed-out bank's staff, shareholders and taxpayers.