Former HBOS chief executive Sir James Crosby will ask for his knighthood to be removed and give up 30% of his pension after last week's damning report into the bank's collapse.
The 57-year-old said he was "deeply sorry" for what happened at HBOS and the "ensuing consequences" for the bailed-out bank's staff, shareholders and taxpayers.
He had stepped down from his job with private equity firm Bridgepoint on Friday.
The bank's former boss was given a knighthood after leaving HBOS in 2006, but said he believed "it is right that I should now ask the appropriate authorities to take the necessary steps for its removal".
The Parliamentary Commission on Banking Standards had described Sir James as the "architect of the strategy that set the course for disaster" and held primary responsibility for the collapse along with former chairman Lord Stevenson and fellow chief executive Andy Hornby.
The report blamed the trio's "toxic" misjudgments for the bank's downfall and £20.5bn taxpayer bailout at the height of the financial crisis.
It also said the financial regulator should consider whether the three should ever be allowed to work in the financial sector again.
Sir James said the report made for "very chastening reading".
"Although I stood down as CEO of HBOS in 2006, some three years before it was taken over by Lloyds, I have never sought to disassociate myself from what has happened," he said.
"I would therefore like to repeat today what I said when I appeared in public before the Commission in December; namely that I am deeply sorry for what happened at HBOS."
His decision to forgo 30% of his pension will still leave him with an annual pay-out worth £406,000.
He said he was also standing down from his voluntary position as a trustee of Cancer Research UK with "great personal sadness".
But it is understood he remains a senior independent director at catering giant Compass and also chairman of the car credit company Money Barn.
The Honours Forfeiture Committee is responsible for considering cases where people could be stripped of awards.
It can look at cases where individuals are found guilty of criminal offences, or reprimanded by a regulator. However, it has scope to take into account other factors.
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