‘You first, Davy second, client third. Fellas wore those phrases as a badge of honour’

How Davy’s me-first culture and intransigence towards the Central Bank brought it to its knees

The offices of Davy stockbrokers in Dublin. Davy was for many years the central player in stocks and shares and in corporate finance. Its competitors did not like it – and it did not care. Photograph: Niall Carson/PA Wire

The offices of Davy stockbrokers in Dublin. Davy was for many years the central player in stocks and shares and in corporate finance. Its competitors did not like it – and it did not care. Photograph: Niall Carson/PA Wire

“It will be like Game of Thrones in there,” one long-time observer of the financial scene in Dublin put it last week as the fallout developed from the €4.1 million fine imposed on Davy Group stockbrokers by the Central Bank.

A Davy insider characterises the fallout from the scandal internally more bluntly as “a sh*tshow”. The controversy has put at risk years of hard graft building up a strong franchise, according to that source.

The Irish Times
Please subscribe or sign in to continue reading.
The Irish Times

How can I keep reading?

You’ve reached an article that is only available to Irish Times subscribers.

Subscribe today and get the full picture for just €1 for the first month.

Subscribe No obligation, cancel any time.