One of Britain's most high-profile former bank bosses is being stripped of his knighthood for presiding over the near-collapse of the Royal Bank of Scotland, Sky News reported Tuesday.

Sir Fred Goodwin -- now plain old Fred Goodwin -- was bestowed with the honor in 2004 for services to the British banking industry.

But he went on to preside over the near-collapse of the Royal Bank of Scotland in 2008 with the British government having to inject $71 billion of taxpayers' cash to keep it afloat.

His knighthood is being canceled and annulled, the broadcaster said.