Goodbody lays off 25 staff as Fexco arrives

GOODBODY Stockbrokers laid off 25 staff yesterday on the first full day of ownership by Fexco.

The Killorglin, Co Kerry- based company declined to comment on the developments at Goodbody but more job losses at the former AIB subsidiary are expected in the coming weeks.

The €24 million sale of AIB’s stockbroking unit, Goodbody Holdings Ltd, was just completed on Friday, one day after the Central Bank approved the transaction.

Yesterday’s job losses in the “front” office portion of the business are expected to be followed through with job losses in the “middle” and “back” offices to be announced in the coming weeks with as many as 55 jobs expected to be lost among the company’s 270 strong workforce.

Goodbody’s managing director, Roy Barrett, 46, and other senior staff will remain with the company in a golden handcuff arrangement.

Former tánaiste Dick Spring, who is now non-executive vice-chairman of Fexco and a board member of AIB, was expected to name a chairman of Goodbody to replace AIB Capital Markets head of investment banking Mon O’Driscoll.

Other names are now beginning to emerge as likely candidates for this job. On Friday, Fexco’s group managing director Gavin O’Neill said they were delighted to welcome Goodbody Stockbrokers to the Fexco group.

“The Goodbody brand is synonymous with strong service, expertise and knowledge. We look forward to capitalising on the considerable strengths of both companies to provide the broadest and most competitive portfolio of products and services to our clients and forge stronger business partnerships with our other stakeholders.”

Managing director of Goodbody Stockbrokers, Roy Barrett, said: “The acquisition of Goodbody Stockbrokers by Fexco is a strong vote of confidence in our business and the strength of our brand in the Irish market.

“The certainty it provides at a time of considerable challenge for financial services provides a significant boost to our competitive position in the market,” he said.

More in this section

Lunchtime
News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up