James R. Crosby

DEFINITION of 'James R. Crosby'

The CEO of HBOS Plc from 1998 to 2006. Crosby trained as an actuary and joined Halifax Building Society in 1994 as a managing director. Through the acquisition of two insurance companies, Crosby helped turn Halifax from a mortgage bank into a broader financial services company.


In 2001, Crosby engineered a merger between Halifax and the Bank of Scotland, creating HBOS. HBOS was a leader in its sector in 2003, although it was experiencing financial trouble in 2002 from bad loans. The bank ended up collapsing in 2008, and Lloyds TSB, one of HBOS's main competitors, took over HBOS in 2009 to form Lloyds Banking Group.

BREAKING DOWN 'James R. Crosby'

Crosby was born in 1956 in Britain and began his career in 1977 as a fund manager with life insurance company Scottish Amicable. He has also been an adviser to former British Prime Minister Gordon Brown.


Crosby stepped down from HBOS in 2006; he was also forced to resign from Britain's Financial Services Authority, which regulates the UK's financial service providers, after being accused of firing the head of HBOS's risk team for his acting as a whistleblower and warning that the bank was engaging in excessively risky behavior. Crosby was criticized for the high pension he was due to receive despite the crisis at HBOS.

RELATED TERMS
  1. Eric Daniels

    The group chief executive of London-based Lloyds Banking Group ...
  2. Actuary

    A professional dealing with the assessment and management of ...
  3. Government Actuary

    An employee of the U.K. government who works for the Government's ...
  4. Actuarial Analysis

    The examination of risk by a highly educated and certified professional ...
  5. High Street Bank

    A term originating in the U.K. to refer to large retail banks ...
  6. Actuarial Service

    Method by which corporations determine, assess and plan for the ...
Related Articles
  1. Personal Finance

    Abigail Johnson ($10. 3 billion)

    Here's a list of the richest women in the U.S.
  2. Professionals

    Career Advice: Financial Analyst Vs. Actuary

    Read an in-depth comparison between financial analysts and actuaries, what it's like to work as each and how to determine which is best for you.
  3. Professionals

    Career Advice: Accounting Vs. Actuary

    Read about what life is like as an actuary or as an accountant, how the two careers are different and how to decide which is best for you.
  4. Investing

    Lloyd Blankfein: Early Life and Education

    Lloyd Blankfein was a fighter from birth. Born in 1954 to working class family, he grew up in a housing project in Brooklyn, where his odds of one day becoming a billionaire seemed highly improbable ...
  5. Economics

    A Comparison Between a Default and a Collapse

    Is the Greek default similar to the Lehman Brothers collapse?
  6. Real Estate

    3 Best Mortgage Calculator Websites for UK Residents

    Identify the features offered by good U.K. mortgage calculators, and learn where you can find some of the best calculators on the Web for U.K. borrowers.
  7. Personal Finance

    Insurance Companies Vs. Banks: Separate And Not Equal

    Insurance companies and banks are both financial intermediaries. However, they don't always face the same risks and are regulated by different authorities.
  8. Personal Finance

    The Iron Throne Of Westeros ($30,000)

    These are some of the coolest and most expensive pieces of memorabilia you can buy.
  9. Mutual Funds & ETFs

    The Top 5 Financials Mutual Funds for 2016

    Understand the investment opportunities in the financial services sector, and learn about the best mutual funds for financial service company exposure for 2016.
  10. Investing Basics

    Retail Banking Vs. Corporate Banking

    Retail banking is the visible face of banking to the general public. Corporate banking, also known as business banking, refers to the aspect of banking that deals with corporate customers.
RELATED FAQS
  1. What distinguishes the financial services sector from the banks?

    Learn about the difference between the banking industry and the financial services sector and how to distinguish financial ... Read Answer >>
  2. What's the average salary of an actuary?

    Get insight into the intriguing career of risk analysis and forecasting. How much do actuaries make, and how is this field ... Read Answer >>
  3. What are the biggest trends affecting the profitability of the financial services ...

    Explore the trends that most affect the financial services sector, including the role of central bank policy and challenges ... Read Answer >>
  4. What is the financial services sector?

    Go beyond banks and credit unions to learn about the diverse group of companies that make up the fast-growing financial services ... Read Answer >>
  5. What other sectors are most similar to banking?

    Learn valuable information about the many different subsectors in the financial services sector that most closely resemble ... Read Answer >>
  6. What are the major categories of financial institutions and what are their primary ...

    Understand the various types of financial institutions that exist in today's economy, and learn the purpose each serves in ... Read Answer >>
Hot Definitions
  1. Cost Of Debt

    The effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; ...
  2. Yield Curve

    A line that plots the interest rates, at a set point in time, of bonds having equal credit quality, but differing maturity ...
  3. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  4. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  5. Society for Worldwide Interbank Financial Telecommunications ...

    A member-owned cooperative that provides safe and secure financial transactions for its members. Established in 1973, the ...
  6. Generally Accepted Accounting Principles - GAAP

    The common set of accounting principles, standards and procedures that companies use to compile their financial statements. ...
Trading Center