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. Board Of Directors - B Of D

    A group of individuals that are elected as, or elected to act ...
  2. Acquisition

    A corporate action in which a company buys most, if not all, ...
  3. Chairman

    An executive elected by a company's board of directors that is ...
  4. Government Actuary

    An employee of the U.K. government who works for the Government's ...
  5. Actuary

    A professional dealing with the assessment and management of ...
  6. Corporate Governance

    The system of rules, practices and processes by which a company ...
Related Articles
  1. Personal Finance

    Insure Your Future with a Career as an Actuary

    If you've got excellent math skills, they can add up to a lucrative career as an actuary.
  2. Investing Basics

    Analyzing An Acquisition Announcement

    These deals can make or break investors' returns. Find out how to tell the difference.
  3. Investing Basics

    The Merger - What To Do When Companies Converge

    Learn how to invest in companies before, during and after they join together.
  4. Bonds & Fixed Income

    What Are Corporate Actions?

    Be a savvy investor - learn how corporate actions affect you as a shareholder.
  5. Active Trading Fundamentals

    Operational Risk: A Must-Know For Investors

    This type of risk is often overlooked, but it can mean the downfall of a company - and its investors.
  6. Forex Education

    Mergers & Acquisitions: An Avenue For Profitable Trades

    When major corporate transactions have a big impact on the currency markets, you can benefit.
  7. Wealth Management

    Warren Buffett’s Frugal, So Why Aren’t You?

    Aside from his renowned investing prowess, Buffett is legendarily frugal.
  8. Investing News

    By George: Investing The Soros Way

    Soros turned an original seed funding of $12 million into $20 billion by the first decade of the 21st century. Can regular folks invest like George Soros?
  9. Personal Finance

    Investing the George Soros Way

    Investing like Soros requires guts and confidence. Investors can learn much from his patience, discipline and research methods.
  10. Entrepreneurship

    The Top 3 Women-Owned Businesses in Phoenix

    Learn about several of the top companies owned by women in the Phoenix metro area, and discover how these firms are succeeding in Arizona and around the world.
RELATED FAQS
  1. How are Rupert Murdoch's holdings distributed?

    Rupert Murdoch owns a controlling share of News Corporation and over 750 different businesses. Some of the major brands he ... Read Full Answer >>
  2. How did Bernard Baruch attain his wealth?

    Bernard Baruch obtained his fortune by investing in profitable stocks on Wall Street. Baruch is known as a legendary stock ... Read Full Answer >>
  3. Why was Bernard Baruch known as the "Park Bench Statesman?"

    As someone who preferred to conduct his meetings in informal settings and was led by persuasion rather than pressure, Bernard ... Read Full Answer >>
  4. How did Nathan Rothschild become a stock exchange speculator?

    Market maker Nathan Rothschild learned much of his financial savvy from his father, who dealt in coins and paper money. He ... Read Full Answer >>
  5. What advice does Howard Schultz offer would-be business moguls?

    Starbucks CEO, billionaire and former sports tycoon Howard Schultz has several pieces of advice for would-be moguls and, ... Read Full Answer >>
  6. Why did Howard Schultz leave Starbucks, only to return eight years later? (SBUX)

    Howard Schultz left Starbucks in 2000 due to exhaustion from growing Starbucks from a regional coffee chain to a global company ... Read Full Answer >>
Hot Definitions
  1. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
  2. Ponzimonium

    After Bernard Madoff's $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium ...
  3. Quarterly Earnings Report

    A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net ...
  4. Dark Pool Liquidity

    The trading volume created by institutional orders that are unavailable to the public. The bulk of dark pool liquidity is ...
  5. Godfather Offer

    An irrefutable takeover offer made to a target company by an acquiring company. Typically, the acquisition price's premium ...
Trading Center