Hubris: How HBOS Wrecked the Best Bank in Britain

Based on documents and dozens of interviews with insiders, this account follows the Bank of Scotland’s journey from being the bank of choice for the high-rolling Monte Carlo megarich to losing 10 billion pounds. In 1995, the Bank of Scotland celebrated 300 years as Britain’s oldest commercial bank; it was lauded as the “most admired bank,” respected by competitors, applauded by investors, and trusted by customers. Less than 15 years later—reviled as part of the spectacular collapse of HBOS, the conglomerate it had joined—the Bank of Scotland became one of the high-profile victims of the credit crunch and its spectacular fall caused seismic shock waves throughout the financial world. In this complex world of modern global finance, this is book serves as a cautionary tale.