Broker expected to seek redundancies in both Dublin and London
Davy, which was acquired by Bank of Ireland in June last year, has close to 900 staff, about 120 of whom work in the capital markets division.Davy, the Republic’s largest stockbroking and wealth management company, has opened redundancy programmes in its capital markets businesses in the UK and Ireland, with as many as 18 staff expected to exit the business, according to sources.
The move comes amid an ongoing downturn in capital markets activity – including fundraisings, initial public offerings and other types of deals – against a backdrop of concerns about the global economy and interest rates, as well an expected slump in trading in Irish equities as some of the largest companies on Euronext Dublin prepare to quit the market.
The brokerage, which briefed staff on Friday on its plans, is understood to be seeking a high-single digit number of voluntary redundancies in its institutional equities team in Dublin. It is also believed to be looking seeking a similar level of redundancies in London, where it has 23 employees, as it focuses on public markets activity and moves out of areas such as private debt and equity raisings.
Davy, which was acquired by Bank of Ireland in June last year, has close to 900 staff, about 120 of whom work in the capital markets division. The brokerage has been adding positions since the takeover in areas such as wealth management, its Davy Horizons sustainability consultancy, and building up a small bonds team, after its previous bonds desk was disbanded in 2021 after controversy over a 2014 bond trade that resulted in a Central Bank fine.
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