Davy stockbrokers is to cut dozens of jobs and salaries because of the global financial crisis, it was announced today.
The firm said up to 75 people are to be laid off while the salaries of its remaining workforce are to be reviewed.
The 82-year-old firm, owned by management and staff, employs more than 500 people at its head office in Dublin and three regional offices in Belfast, Cork and Galway.
The company said it will cut between 70 to 75 posts across all areas of its business from September until the end of the year after consultation with staff.
It also plans to cut 5 per cent of the salaries of all employees earning more than €50,000 a year in an attempt to lower its costs.
Davy has blamed the turbulence in international and domestic markets for the move.
The company will also review its overheads to see if it can make more savings.