Banks at a ‘competitive disadvantage’ due to salary cap, says Francesca McDonagh

The ‘normalisation of operations’ is vital to the ‘sustainability of the indigenous banking sector’ according to the Bank of Ireland chief executive

Francesca McDonagh: ‘Any company in a similar position would highlight this as a serious challenge.’ Picture: Fergal Phillips

The head of Bank of Ireland has criticised the cap on bankers’ salaries and said the bank is at a competitive disadvantage because of them.

The departure of Myles O’Grady, the chief financial officer of the Bank of Ireland group, has illustrated the challenge banks face in attracting and retaining talent, Francesca McDonagh, the Bank of Ireland chief executive said.

O’Grady has said he is to step down from his position and take up the ...