Davy enforces 8.5% staff pay cut

THE state’s largest stockbroker, Davy, has enforced an 8.25% pay cut for all 460 staff and will implement a further 12 redundancies in its second round of cost-saving measures in eight months.

“The company has considered that tight cost management is in the best interests of all stakeholders,” a spokesman said

Davy has offices on Dawson Street and Molesworth Street in Dublin and regional offices in Cork, Galway and Belfast.