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Bridgepoint’s Sir James Crosby leaves following damning parliamentary report

5 Apr 2013

Sir James CrosbyFormer HBOS chief executive Sir James Crosby has stepped down as an advisor to private equity firm Bridgepoint after being slammed in a UK parliamentary report for his role in the bank’s collapse.

Crosby, pictured, his successor as chief executive Andy Hornby and former HBOS chairman Lord Stevenson were told their “toxic” mistakes had directly led to the banks £20bn taxpayer-funded bailout.

The report, titled “An Accident Waiting to Happen”,  said weaknesses of group risk in HBOS were  “a matter of design, not accident”, and added that Crosby was “architect of the strategy that set the course for disaster.”

It is not known whether Crosby’s exit was his own decision or that of Bridgepoint. A spokesman for the firm said the firm’s only comment was “following a discussion with Sir James, he has resigned from the Advisory Board this morning”.

The parliamentary commission has asked the FSA to consider banning Crosby from holding a position at any regulated entity in the financial sector in the wake of HBOS’ collapse, rather than having his Approved Persons status simply lapse.

Crosby was a member of Bridgepoint’s European Advisory Board. He is also a fellow of the Faculty of Actuaries, a non-executive director of Misys and a senior independent director of Compass Group.

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