Stockbroker Davy has confirmed that it is planning to cut up to 75 jobs to reduce costs.
In a statement, it said the turbulence in international and domestic financial markets over the past 18 months had reduced trading volumes. Davy said it needed to lower costs in order to protect its profits.
Davy said details of the proposed cost-cutting plan would be determined in consultation with staff but the programme was likely to include redundancies, affecting 10% to 15% of the 500 staff. The stockbroker also said there would be some salary cuts as well as a thorough review of overheads.
Davy has been owned by a management team since a buy-out of Bank of Ireland's 90.4% stake in the company late in 2006.
Davy is planning to cut pay by 5% on any earnings above €50,000 a year.
99 new jobs in the Mid-West
Earlier there was better jobs news from the Mid-West. 99 jobs are to be created at three companies based at Shannon and Limerick. 35 new jobs are to be located at Mentor Graphics Ireland, and a further 15 at PAFS Ireland.
There will be a further 49 new jobs at ON Semiconductors, based at Raheen in Limerick, with the establishment of a research and development facility there.
Mentor is a subsidiary of Mentor Graphics Corporation, which is based in Oregon in the US and is involved in electronic hardware and software design. 80 people already work at its Shannon plant.
PAFS is also a subsidiary of a US company, Phoenix American Financial Services, and provides accounting, administration and other office services to companies in the aircraft leasing industry.
