Stockbroker faces scramble to hold on to clients as top executives resign

Members of the Davy group of 16 at the heart of the scandal that has landed the stockbroker with a record fine face the possibility of personal sanction from the Central Bank.
The bank, which regulates the sector, can turn its attention to the behaviour of individuals only after it has first found against the company under current Irish law. The recent decision to fine the business 4.1 million over a rogue bond trade means it can now focus on the behaviour of individuals involved, including senior executives, Minister for Public Enterprise and Reform Michael McGrath said.
The regulator has a range of sanctions available, including fines and barring people from working in a regulated firm.
The company is also under pressure to address concerns over its shareholder structure, as the group of 16 individuals involved in the 2014 trade at the centre of the scandal are estimated to own at least a third of a business that is valued at about 400 million.
Davys new interim chief executive, Bernard Byrne, faces a battle to convince clients and staff that the States biggest stockbroker can rebuild trust after the Central Bank finding that has triggered the biggest crisis in the firms 95-year history and senior resignations over the weekend.