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Financial institution of Eire updates
Signal as much as myFT Each day Digest to be the primary to find out about Financial institution of Eire information.
Financial institution of Eire, one of many nation’s three retail banks, is shedding its chief monetary officer after a pay cap launched within the wake of the monetary disaster prevented it from matching a wage provide from one other firm.
Myles O’Grady joined the financial institution in June 2019 and has been CFO since October that 12 months. He’s leaving subsequent March to hitch an as but undisclosed firm outdoors the monetary sector, the financial institution mentioned in a press release.
Following Eire’s 2008 banking disaster, which prompted the eurozone’s costliest banking bailout, government pay was capped at €500,000 and bonuses and incentivised pay have been banned.
“Myles’ resolution to depart the Irish banking sector highlights the problem that remuneration restrictions characterize for Irish banks in attracting and retaining expertise,” Francesca McDonagh, chief government, mentioned within the assertion.
“The dearth of a stage enjoying discipline means Financial institution of Eire is at a aggressive drawback to different corporations, corporates and PLCs who are usually not restricted in the identical method.”
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