MPs' report 'to slam HBOS management over £30bn bailout' The Parliamentary Commission on Banking Standards" report into the implosion of HBOS in 2008, due to be published on Thursday, is thought to detail massive governance failures and huge weaknesses in the lender's risk control functions. Sir James Crosby who led the bank up to early 2007, Andy Hornby, chief executive for the following two years, and Lord Stevenson, who was chairman of the bank from its creation in 2001 until 2008, will be the main focus of the report's criticism, the Financial Times reported. The bank, which was created from a merger of Halifax and Bank of Scotland, is now infamous for its aggressive sales-led culture and reckless lending decisions. HBOS was forced to request an emergency multi-billion pound bail-out in late 2008 and was subsequently merged with Lloyds TSB to create Lloyds Banking Group. The Financial Services Authority closed an investigation into HBOS last year by fining and banning Peter Cummings, the lender's former head of wholesale banking, but took no action against others. Separately, taxpayer-backed Royal Bank of Scotland is set to announce a shake-up of its top management, with Nathan Bostock lined up as the lender's new finance chief. Bruce van Saun, who has been RBS's finance director since 2009, is expected to leave Britain to take over as head of Citizens, the bank's American subsidiary which is being lined up for an £8bn IPO.