(Alliance News) - The chief executive of Davy Group stepped down on Saturday after Ireland's largest stockbroker was fined by the central bank over a bond deal in which a group of staff and executives took the opposite side of a client's trade, the Financial Times reported.
Brian McKiernan, together with head of bonds Barry Nangle and non-executive director Kyran McLaughlin, resigned effective immediately, Davy said, "subsequent to the recent settlement agreement between Davy and the Central Bank of Ireland".
Davy will be led on an interim basis by Deputy CEO Bernard Byrne, who joined from lender AIB Group PLC in 2018, the FT said.
https://www.ft.com/content/acbb666a-4817-493a-84e7-027164632396
On Tuesday last week, the Central Bank of Ireland said it fined J&E Davy EUR4.1 million, citing four breaches of regulations that occurred between July 2014 and May 2016.
In its announcement, the central bank said its investigation was prompted by a transaction that took place in November 2014. It was undertaken for the client by a group of 16 Davy employees, including senior executives, the central bank said.
By Tom Waite; thomaslwaite@alliancenews.com
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