FORMER RBS boss Fred Goodwin has been stripped of his knighthood.
He was given the honour in 2004 for his services to banking.
The Queen revoked the knighthood at around 3pm today.
Mr Goodwin oversaw the multi-billion-pound deal to buy Dutch rival ABN Amro at the height of the financial crisis in 2007, which led to RBS having to be bailed out to the tune of £45bn by taxpayers.
There had been growing calls in recent weeksfor the knighthood to be removed.
Mr Goodwin’s mansion in the Grange district of Edinburgh appeared totally deserted tonight, a porch light the only sign of life at his Georgian home.
Many of the curtains were drawn and the lights appeared to have been switched off throughout the property.
The double door, painted a crisp ivory white with brass knockers, remained unaswered when members of the press attempted to get a response.
Most of the neighbours in the upmarket street had also shut their curtains. Most of those who answered the door gave a weary no comment.
Runners passed with the heads down and dog walkers barely uttered a word when asked what they thought about their formerly knighted neighbour.
But one neighbour, who wished to remain anonymous, said she felt sorry for Mr Goodwin.
Mr Goodwin refused to answer the door to waiting press
She said: “I know him to say hello and I sympathise with him and his family.
“It’s never one man’s decision and he couldn’t have been alone in what he did.
“It’s been going on for far too long. I truly feel for him, for his wife, and his kids,” she added.
The drive in the spacious grounds, where Mr Goodwin’s Jaguar has been parked in recent days, was also empty. It was rumoured locally that the former banker had slipped away at 4pm, about an hour before it became public that his title had been withdrawn.
Neigbour Ian Revie, who lives in a smart apartment opposite the disgraced tycoon’s home, said the right decision had been made.
The retired 66-year-old said: “I think it was entirely proper that this decision was made.
“I’m glad it’s come to this. They’ve done it and that’s the main thing.”
Mr Revie added: “He may have appeared to have earned the honour some time ago but the truth eventually came to light.
“It was absolutely the right decision to make.”
Edinburgh University students Richard Browman, 20, and Nathan Welsh, 20, changing a car tyre nearby, were delighted at Mr Goodwin’s downfall.
Mr Browman said: “I’m happy he’s lost it. He may have been good at his job at some stage but clearly not anymore.”
Mr Welsh added: “It’s a shame that people like him ever get knighted in the first place. There are alot of people out there doing great things for people and they’ll never get the recognition for it like he did.
“It’s about time he lost it.”
It was rumoured that Mr Goodwin had left his Grange house before the announcement was made
Mr Goodwin once shared the home with his now estranged wife, Joyce. After the near-collapse of RBS, the property was targeted by vandals.
Mrs Goodwin now lives at the £3m mansion her husband bought in the nearby district of Colinton.
Compared with their previous property, the Colinton address is almost impossible to approach, hidden behind two gates and enormous hedges.
Tonight, a grim-faced Mrs Goodwin arrived at home, sweeping through the fortress-like gates in her black Range Rover.
Minutes later the gates opened again to allow a green 4×4 and a large van out.
Mrs Goodwin then sealed the gateway tightly and refused to answer the newly-installed intercom.
After moving to the new property, the Goodwins fell out with some of their neighbours in Laverockdale Park, who complained about the height of the then Sir Fred’s hedge.
There was no sympathy for Mr Goodwin from the street tonight.
One neighbour, who asked not want to be named said: “In general I feel that was the right decision. Not as a neighbour, just as a member of the public.
“People should be rewarded for success, not failure.”
Another neighbour, who also wished to remain anonymous, said: “I don’t think losing his Knighthood will make any difference to him. I don’t think Mr Goodwin will change his ways. He’s very self-confident in what he does and confident that he’s right.”
A third neighbour said simply: “I feel sorry for his wife.”