Former HBOS Director Cummings Joins Scottish Charity as Director
Peter Cummings, the former head of the HBOS Plc corporate unit that posted losses of about 7 billion pounds ($11.5 billion), has become a director of a Scottish charity.
Cummings, 55, has become a trustee of Ben View Resource Centre, a registered charity for the elderly and people with disabilities in Dumbarton, Scotland, according to company filings. Cummings’s position at the local council-funded charity is unpaid, the filings said.
Lloyds Banking Group Plc (LLOY) needed more than 20 billion pounds of taxpayer aid after acquiring HBOS in 2008. Cummings, HBOS’s highest-paid banker, led the bank’s investment in commercial real estate, construction and takeover finance. The corporate banking unit “lent too much,” former HBOS Chairman Dennis Stevenson told a Parliamentary committee hearing in February 2009.
Cummings was entitled to total compensation of 2.43 million pounds in 2007, more than former HBOS Chief Executive Officer Andy Hornby. Cummings accrued a pension valued at 369,000 pounds annually by the time he left the bank in 2009.
Cummings wasn’t immediately available to comment, said Steven Cavan, general center assistant, at the charity’s office. Nor was anyone available to comment on behalf of the charity, he said. Cummings’s telephone number is unlisted.
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