The report into the £20bn collapse of HBOS in 2008 – commissioned by the Bank of England and published today - is already creating quite a stir. It makes pretty sorry reading and raises the possibility that as many as 10 former senior execs could face bans.
Those include ex-CEO James Crosby, his successor Andy Hornby and ex-chairman Lord Stevenson, who have all faced criticism in the past. But there has only been one real casualty as a result of the HBOS debacle so far - Peter Cummings, former head of corporate broking at the bank, was banned from the industry and fined £500,000.
It's hot stuff, not least because the HBOS disaster touched almost everyone who was anyone, from then-PM Gordon Brown to the bank’s bosses, city regulators at the now-defunct FSA (some of whom now work for its replacements the FCA and PRCA) and even HBOS’s auditors KPMG.