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Tue 07 Jul 2008Davy stockbrokers planning up to 75 job cuts
THE STATE'S largest stockbroking firm, Davy, is planning to cut as many as 75 jobs - up to 15 per cent of its 520-strong workforce - and to seek pay cuts from its remaining staff due to reduced trading volumes in the turbulent financial markets.
The firm said in a statement that it has started "a consultation process with employees regarding proposals to rebalance its cost base". The company said the proposed cost reduction programme is "likely to include some redundancies , some salary adjustments as well as a thorough review of business overheads".
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