The executives include ex-chairman Lord Stevenson and former chief executives Andy Hornby and James Crosby. HBOS, which was formed from the merger between Halifax and Bank of Scotland in 2001, hit trouble in the financial crisis of 2008. It agreed to a rescue takeover by Lloyds TSB in 2008, but the taxpayer bailed out the enlarged bank shortly after to the tune of £20bn. The 400-page report said HBOS tried to increase profits by taking on "more risky propositions", but focused too much on market share and short-term profitability.