The Bank of Ireland is undertaking a project to align the corporate culture of Davy, the hard-nosed, scandal-ridden stockbroker it bought earlier this year, with the broader banking group.
The bank is hiring an internal communications and culture consultant on a 12-month contract to coordinate efforts, which will primarily focus on purpose and core values.
According to an ad for the position posted on LinkedIn, the aim of the program is to bridge the cultures of Bank of Ireland and Davy to support “strategic success” post-acquisition.
“The focus of this role will be on understanding the cultures and communication needs of both companies, finding opportunities for alignment and positive partnerships, and driving efforts to help both sides realize these commonalities in the years following the acquisition. it said.
The Davy integration program is led by the bank’s Group Culture and Communications department, which is responsible for driving cultural change, embedding the bank’s values and connecting employees to group strategy.
“Davy is part of the Bank of Ireland group but retains its brand, structure, purpose and values,” said a spokesman. “Seeking alignment in this way is common practice in acquisitions.”
He added that the program is also about finding operational synergies, efficiencies and a pragmatic focus, particularly where Davy and Bank of Ireland may have similar commercial goals.
Although now wholly owned by Bank of Ireland, Davy retains its operational independence and its own offices in Dawson Street, Dublin. The Bank of Ireland’s head office is approximately 1 km away at Dublin 4.
Culture has come to the fore in Irish banking in recent years as the industry sought to regain public confidence in the wake of the financial crisis.
The five retail banks formed the Irish Banking Culture Board in 2019 to “build trust” through “culture and behavioral changes” in the sector.
Former Bank of Ireland CEO Francesca McDonagh, who left last month for a senior position at ailing Credit Suisse, promoted a values-based culture during her tenure at the bank that embraced gender, racial and gender diversity in the historically conservative institution includes.
But Ms McDonagh jumped at the opportunity to acquire Davy when the stockbroker was embroiled in a damaging controversy over how he handled a multimillion-euro bond trade on behalf of a wealthy client in 2021.
The central bank fined Davy more than €4.1 million for violating conflict of interest rules in the transaction, which led to the resignation of several high-profile figures, the closure of his lucrative bond desk and the loss of his status as the main government bond dealer .
The Bank of Ireland is understood to be considering being admitted as a primary dealer for government bonds, which could put Davy back on the card for government bond issuance.
The bank’s ex-CFO Myles O’Grady has been linked to the top job.
https://www.independent.ie/business/irish/bank-of-irelands-davy-integration-plan-to-include-cultural-alignment-42049555.html Bank of Ireland’s Davy integration plan to include ‘cultural alignment’