Mr Ross McEwan, the CEO of RBS, was quoted over the weekend in the Times that more senior bankers should have been punished over the failure of HBOS. He apparently felt it wasn't fair that only Peter Cummings was banned over the failure of this bank in 2008. McEwan did indicate that he felt regulation today was greatly improved versus the pre-crisis period.
The BOE published a 500+ page report on the failure of HBOS which we will be speaking more about in the upcoming days and weeks. HBOS was bailed out seven years ago with over £20 billion of tax payer funds. The report indicated the bank pursued a flawed and reckless strategy, including borrowing short and lending long.
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