Davy stockbrokers is dead and buried. The rump of the Davy board made a dark decision on Thursday: bury the brand, put the body up for sale.
The result: the guilty participants will head for the hills with their saddle bags full. Shamed maybe, but stinking rich.
The innocent, the vast majority of the 700 bewildered staff, will be floundering, their future at the mercy of the markets.
Customers are on tenterhooks. How far has the rot spread? Will the Davy disease impoverish them?
The brand will be buried with indecent haste, but that should not mean the evidence is buried alongside it.
Business Editor
If a week is a long time in politics, a fortnight is an eternity in the world of stockbroking.
The extraordinary controversy that has engulfed the country s largest broker, Davy, has developed at break-neck speed in the past two weeks.
At the start of this month, the firm enjoyed pinnacle status in the financial services community here.
It possessed an excellent brand and reputation built on trust, a stellar client list including blue chip companies like Kerry Group, Paddy Power owner Flutter Entertainment, Smurfit Kappa and Ryanair, and a prestigious status as a primary dealer in Irish Government bonds on behalf of the National Treasury Management Agency (NTMA).
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