The newly published report into the 2008 collapse of banking giant HBOS, published today, suggests a 'criminal culture of mismanagement' that continues to go unpunished said Unite, the trade union for UK bank workers.
To date, only one senior executive, Peter Cummings, has been formally investigated. This is despite former chief executives James Crosby and Andy Hornby being accused of a 'colossal failure of management' by the parliamentary commission on banking standards.
Rob MacGregor, Unite national officer for finance, said: "Senior figures at the heart of HBOS acted like a bunch of spivs and speculators who gambled with the money of others while believing themselves to be untouchable.
"Ultimately their actions had a very human cost. Many of our members lost their life savings after being encouraged to buy company shares the bank knew to be worthless. In the years that followed hundreds of thousands of jobs have been lost and we are all still being forced to pay for the financial crisis.
"If this long overdue report is to mean anything it should lead to a formal investigation of the senior executives. The report suggests a criminal culture of mismanagement and if executives have been found to break the law they should be facing jail time."
For more information please contact Ben Norman on Ben.Norman@unitetheunion.org or 07525 590075
Notes to editors:
- Unite is Britain and Ireland’s largest trade union with over 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.