Ireland's largest stockbroker, Davy, is planning to cut up to 15% or 75 of its 520-strong workforce, under a new cost-reduction programme. The company said details of the proposed plan would be determined in consultation with staff, but the programme was likely to include redundancies, salary cuts of 5% on earnings over €50k, and a review of its business overheads.

A company spokesperson said the turbulence in the financial markets over the past 18 months had reduced trading volumes and it needed to lower costs in order to protect its profits. The firm said the bulk of the redundancies would be from the private clients business, which has been affected by the downturn in the equities and investment markets.

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