The Banking Standards Commission said former bosses Sir James Crosby, Andy Hornby and Lord Stevenson were guilty of a "colossal failure" of management.
HBOS collapsed in 2008, wiping out shareholders, costing thousands of jobs and forcing a £20.5bn taxpayer bailout.
On Friday, Sir James resigned as an adviser to investment firm Bridgepoint.
The BBC understands that he was asked to resign by the board of the private equity firm following the publication of the HBOS report.
So far, there has been no response from the three men to the findings.
Friday, April 05, 2013
BBC News - HBOS collapse: Ex-bosses face calls for City bans
BBC News - HBOS collapse: Ex-bosses face calls for City bans
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