Media speculation suggests that Davy Stockbrokers is retrenching for a second time in less than a year, cutting pay across the board and eliminating 12 jobs.
Staff throughout the business will have their pay cut by 8¼ per cent. The latest pay retrenchment cuts deeper than a round of cuts last July. Annual earnings above €50,000 were cut by 5 per cent at that time, but pay below €50,000 was not reduced.
The new job cuts, which will bring the total staffing level in the business down to 440, follow the elimination of up to 75 positions in July. At the time, the cuts represented about 15 per cent of Davy's workforce.
About 100 Davy staff took a stake in the business when a management team led by chief executive Tony Garry and capital markets head Kyran McLoughlin bought the firm from Bank of Ireland in late 2006.