Bank of Ireland approaches crisis-stricken Davy irishtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from irishtimes.com Daily Mail and Mail on Sunday newspapers.
Ireland's Davy Stockbrokers is set to put itself up for sale as soon as Thursday after Bank of Ireland made an initial approach to buy the firm which is grappling with the fallout from a record central bank fine, local media reported.
Davy crisis: Firm shuts bond desk, says no one linked to controversial deal is still at firm NTMA earlier pulled Davy’s ability to act as primary dealer of Government bonds
Tue, Mar 9, 2021, 04:45 Updated: Tue, Mar 9, 2021, 19:47
Davy said on Monday evening that it had closed its bond desk, resulting in four redundancies, as it raced to contain a growing crisis triggered by a €4.1 million Central Bank fine and rebuke over breaches of market rules in relation to a 2014 bond deal.
The brokerage said that, following the move, none of the 16 individuals involved in the controversial trade was working for the firm.
How early is too early for the first meeting of the day? If you ask someone on the trading floor, it might be anything before 7am. - Salespeople and traders usually have their morning meeting at 7.30am after arriving in the office at 6.30am. If you ask juniors in the investment banking division who ve been working late the night before, it might be anything before 8.30am. But if you ask consultants at Big Four firms, it s not clear what constitutes a reasonable hour for the very first Zoom call.
It s a question that matters, because an executive at Deloitte U.K. has been compelled to resign, following a rebellion in part due to her apparent propensity for calling meetings both before dawn and late at night. 49 year-old Dimple Agarwal quit her roles as deputy chief executive of Deloitte U.K. and head of people and purpose last week. Agarwal had reportedly been demanding that people work long hours and had been aggressive in emails and on calls.
UPDATE: Irish Treasury pulls authority for Davy to be primary dealer
Tue, 9th Mar 2021 06:57
(Alliance News) - The Irish Treasury on Monday said it has withdrawn J&E Davy s authority to act as a primary dealer in Irish government bond auctions, effective immediately.
The action follows the announcement early last week by the Irish central bank that it had fined Ireland s largest stockbroker EUR4.1 million over a bond deal in which a group of staff and executives took the opposite side of a client s trade.
The board of the National Treasury Management Agency said on Monday that it reached its decision after assessment of the very serious findings about Davy by the central bank and after speaking with investors in Irish government debt.