Former Royal Bank of Scotland chief executive Fred Goodwin has had his knighthood cancelled following his role in the bank's failure during the financial crisis.
"The failure of RBS played an important role in the financial crisis of 2008-9 which, together with other macroeconomic factors, triggered the worst recession in the UK since the Second World War and imposed significant direct costs on British taxpayers and businesses," the British government said in a statement.
"Fred Goodwin was the dominant decision maker at RBS at the time," it said.
Goodwin had been awarded the knighthood for services to banking, but has since come under heavy criticism from the public after taxpayer funds were used to bail out the bank.
Goodwin presided over an aggressive acquisition strategy at RBS, and his policy of often generating savings by cutting jobs earned him the nickname Fred The Shred.
