Davy hires London firm to carry out ‘forensic assessment’ of staff trading
The appointment of Alvarez & Marsal comes as Derville Rowland, the head of the Central Bank’s financial misconduct unit, said the regulator’s enforcement investigation had sparked “very serious consequences for the firm”
Davy has appointed Alvarez & Marsal to carry out a "forensic assessment" of staff trading since 2014.
The move is part of the stockbroker's attempt to manage the fallout from the Central Bank investigation into a bond trade deal that resulted in it being fined €4.13 million for breaching market rules. A number of senior executives have resigned from Davy while the stockbroker is now for sale following the scandal.
In a statement Davy said: "The...
Subscribe from just €1 for the first month!
With any subscription you will have access to
Unlimited multi-device access to our iPad, iPhone and Android Apps
Unlimited access to our eReader library
Exclusive daily insight and opinion seven days a week
Create alerts to never miss a subject that matters to you
Get access to exclusive offers for subscribers on gifts and experiences
Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine
Pressure on Irish banks to open up to crypto firms
Up to now, Irish companies involved in cryptocurrency have been prevented from using certain Irish banking services
Pearse Doherty raises ‘heartbreaking’ losses suffered by Irish Dolphin Trust investors
Sinn Féin finance spokesman asks in Dáil why Central Bank took no action
Two big to fail: will the sale of Davy undermine Irish banking?
Davy Stockbrokers is likely to be bought by Irish Life or Bank of Ireland, and with AIB buying Goodbody, it will create two banking behemoths, raising a number of questions as to what that will mean for the market here