Former UK regulator to review Davy structures following bond-dealing scandal independent.ie - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from independent.ie Daily Mail and Mail on Sunday newspapers.
Davy asks staff to identify past advice where clients may have had a reason to complain Interim chief executive urges staff to ‘reflect’ and come forward
Sun, Mar 14, 2021, 17:25
Embattled stockbroking firm Davy has asked its staff to come forward if they know of other situations in the past where clients may have had reason to complain about its advice as it tries to negotiate the devastating fallout from its €4.1 million fine over senior executives secretly being on both sides of a bond deal.
Bernard Byrne, who took over as interim chief executive last week after the departure of his predecessor Brian McKiernan in the fallout, on Saturday evening wrote to the firm’s staff asking for their help in identifying “anything that has happened in the past”.
When the fall of Davy finally came, it came quickly last week - and it landed with a bang. The reverberations will be felt for some time, in the corridors of power, the oak-panelled halls of Corporate Ireland and the homes of well-to-do families that entrusted the blue chip firm to discreetly invest their wealth.
The main event is not over yet, however. J&E Davy Stockbrokers is on the block. Its sale can expect to reveal some more of what really went behind the curtain in one the country s most venerable such firms. The due diligence process will be interesting, according to one source familiar with the process.
Former Davy Stockbrokers Chief Steps Down from Provost s Council – The University Times universitytimes.ie - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from universitytimes.ie Daily Mail and Mail on Sunday newspapers.
Former Davy chief leaves posts at Trinity College and Dublin hospital Bond scandal costs Brian McKiernan roles on Provost’s Council and hospital board
Mon, Mar 15, 2021, 13:34
The Central Bank fined the country’s biggest stockbroking firm €4.1 million. Photograph: Sasko Lazarov/RollingNews.ie
Former Davy stockbrokers chief executive Brian McKiernan has resigned from the Provost’s Council at Trinity College Dublin and the board of a Dublin hospital in the wake of the bond deal scandal.
Mr McKiernan stepped down as a member of the advisory council at the university and the governing council of the Royal Victoria Eye and Ear Hospital on Adelaide Road in Dublin.