BOI to transfer up to 80 staff to bonus-paying Davy by end-2022

Bank of Ireland plans to transfer up to 80 staff by the end of 2022 to Davy, after it takes over the main parts of the stockbroking and wealth management firm.

These employees will benefit from Davy’s variable-pay remuneration structure, which the Department of Finance has allowed the firm to retain, even as it falls under the ownership of a bailed-out Irish bank, where bonuses have been banned since the outset of the financial crisis.

The transfers will come from areas of overlap between Davy and Bank of Ireland, mainly covering capital markets and wealth management. Bank of Ireland may also move up to 12 people a year after 2022 to Davy under the agreement with the department.

However, no former Bank of Ireland employee earning more than €50,000 a year can be hired by Davy within two years of leaving the bank.