Former HBOS chief executive Sir James Crosby will ask for his knighthood to be removed and give up 30% of his pension after last week's damning report into the bank's collapse.
The 57-year-old said he was "deeply sorry" for what happened at HBOS and the "ensuing consequences" for the bailed-out bank's staff, shareholders and taxpayers.
He had stepped down from his job with private equity firm Bridgepoint on Friday.
The bank's former boss was given a knighthood after leaving HBOS in 2006, but said he believed "it is right that I should now ask the appropriate authorities to take the necessary steps for its removal".
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