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HBOS Ex-CEO Crosby Sitting On GBP25 Million Pension Pot - Report

Former HBOS chief executive James Crosby, who was roundly criticized Friday for his part in the downfall of the mortgage lender, is entitled to a GBP700,000 annual pension from his time at the company, the Sunday Times reported.Crosby left HBOS in 2006 with a GBP570,000 pension entitlement, and, accounting for inflation, this will have risen to GBP700,000. It would cost GBP25 million to buy a pension of that size, financial adviser Hargreaves Lansdowne said, according to the report.A U.K. parliamentary commission Friday criticized Crosby and two other former HBOS executives for sowing destruction at the mortgage lender and called for them to be banned from working in the financial sector.Until now, only Peter Cummings, the former head of the HBOS corporate lending business, had been singled out for blame. He was fined GBP500,000 and banned from the financial industry.The commission recommended that the Financial Conduct Authority, which is publishing its own report into the failure at ...

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  1. Former RBS Chief To Be Stripped Of Knighthood

    Fred Goodwin , the former head of the Royal Bank of Scotland , is about to lose his knighthood for his role in running the institution into the ground so far that it...

  2. FSA's Sants To Be Quizzed Ahead Of New Job, After RBS Hearing

    The Financial Services Authority's chief executive Hector Sants will be questioned further by the U.K. Parliament's Treasury Committee before taking up his position ...

  3. UK Cameron: Will Again Limit State-Owned Bank Bonuses To GBP2,000

    U.K. Prime Minister David Cameron Thursday said that the coalition government would, for a second year, limit bonus payments at state-owned banks to GBP2,000 per emp...

  4. RBS agrees $3 bln WorldPay sale to Advent, Bain

    (Updates with closing share price)By Sudip Kar-GuptaLONDON, Aug 6 (Reuters) - Royal Bank of Scotland has clinched the $3 billion sale of a majority stake in its Worl...

  5. RBS agrees $3 bln WorldPay deal with Advent, Bain

    (Updates with WorldPay deal, further detail)By Sudip Kar-GuptaLONDON, Aug 6 (Reuters) - Royal Bank of Scotland clinched the $3 billion sale of a majority stake in it...

  6. After Greece: Who's Next?

    LocateStock.com's John Tabacco and Global Macro Strategy's Fred Goodwin on debt troubles in the European Union.

  7. How Well is Obama Doing at Selling the Plan?

    Obama holds news conference to defend budget

  8. RBS: The Enron of Europe?

    British pension funds sue RBS.

  9. RBS and HBOS Face the Music

    RBS/HBOS heads explain what went wrong.

  1. Royal Bank of Scotland faces $6 billion investor action

    A group of shareholders in Royal Bank of Scotland is suing the lender and four former directors for losses they claim they incurred when the bank succumbed to a stat...

  2. RBS Faces $6 Billion Lawsuit

    Royal Bank of Scotland Group PLC and four of its former executives were sued Wednesday by 12,000 individuals and around 100 institutions--all current or former share...

  3. Timeline: RBS fined $615 million over Libor rigging

    Britain's Royal Bank of Scotland will pay U.S. and British authorities $615 million and plead guilty to wire fraud in Japan to settle allegations it manipulated glob...

  4. Timeline: RBS set to pay heavy fines over Libor rigging

    Royal Bank of Scotland is set to pay large fines for its role in rigging the Libor interest rate.April 3, 2007 - RBS leads a consortium along with Fortis and Spain's...

  5. RBS CEO Hester: Considered Resigning During Bonus Row

    Stephen Hester, chief executive of the largely government-owned Royal Bank of Scotland Group PLC (RBS), Wednesday said he had considered resigning from the bank duri...

  6. UK Cameron: Welcome Decision To Withdraw Goodwin Knighthood

    U.K. Prime Minister David Cameron said Tuesday that he welcomed the decision to withdraw the knighthood honor given to Fred Goodwin , the former chief executive of R...

  7. Former RBS CEO Fred Goodwin's Knighthood To Be Withdrawn - UK Government

    The knighthood awarded to former Royal Bank of Scotland Group PLC (RBS, RBS.LN) chief executive Fred Goodwin has been withdrawn after a U.K. government committee rul...

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