Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Eamonn Farrell/Photocall Ireland

AIB announces David Duffy as new CEO

Duffy will take up the job in December. The bank has said that his remuneration package will be ‘in line with Government guidelines’.

AIB HAS ANNOUNCED David Duffy, the former head of Standard Bank International, is to be its new chief executive.

Duffy will take up the job in December.

In a statement, the bank said that his remuneration package will be “in line with Government guidelines,” which means a pay cap of €500,000. AIB is owned almost entirely by the Irish State.

Minister for Finance Michael Noonan has welcomed the appointment as Duffy, noting that the government had wanted to recruit a CEO “of the highest calibre so as to yield the best possible return to the taxpayer”.

Duffy (50) has held a number of senior roles in the international banking industry. Prior to becoming CEO of Standard Bank in London in 2006, he worked for almost a decade in ING Barings.

From 1987 until 1997 he worked for Goldman Sachs in Europe.

Duffy attended Terenure College in Dublin and is a graduate of Trinity College Dublin from which he received a Bachelor of Business Studies in 1984.

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.

Close
27 Comments
    Install the app to use these features.
    Mute ged_star
    Favourite ged_star
    Report
    Nov 22nd 2011, 5:55 PM

    Only €500,000/year, the poor man, how will he manage. I wonder is he entitled to Children’s allowance.

    46
    Install the app to use these features.
    Mute Joe Sixtwo
    Favourite Joe Sixtwo
    Report
    Nov 22nd 2011, 6:07 PM

    He can always apply for the supplementary income scheme.

    30
    Install the app to use these features.
    Mute Jackie Crowe
    Favourite Jackie Crowe
    Report
    Nov 23rd 2011, 7:10 PM

    of course he is entitled, so is leary from ryan air,, and he thinks its a joke also,,,,

    1
    Install the app to use these features.
    Mute Derek Durkin
    Favourite Derek Durkin
    Report
    Nov 22nd 2011, 6:05 PM

    Goldman Sachs employees are everywhere. Fuckers must multiply like gremlins or something. Lets just end the charade and make one of them Taoiseach.

    43
    Install the app to use these features.
    Mute DashRiprock
    Favourite DashRiprock
    Report
    Nov 22nd 2011, 8:50 PM

    They tend to be seen as the best of the best in finance (take that as you will) so it’s not really a surprise they end up in prominent positions

    15
    Install the app to use these features.
    Mute Jackie Crowe
    Favourite Jackie Crowe
    Report
    Nov 23rd 2011, 7:12 PM

    ha ha the best,,, as they ran our banks to the ground,,, dont think there is anyone in ireland realistic enough for a high power job,,, bring in the germans ,,, they dont even pay themselves that much,, thats why they have money to buy countrys,, sooner the better maybe when they call in their debt and kick those dumb asses out of the dail

    1
    See 1 more reply ▾
    Install the app to use these features.
    Mute DashRiprock
    Favourite DashRiprock
    Report
    Nov 23rd 2011, 10:55 PM

    Actually as far as I remember – and feel free to correct me on this – Goldman never stopped turning a profit during the downturn, is generally regarded as the best investment bank in the world and has been for some time and it was their employees I was refering to. Now we can debate all day the ethics of how they made those profits but the fact that they tend to be extremely bright, ambitious people surely can’t be in question.

    2
    Install the app to use these features.
    Mute Siobhán O'C
    Favourite Siobhán O'C
    Report
    Nov 22nd 2011, 6:05 PM

    And the Goldman Sachs Takeover continues

    37
    Install the app to use these features.
    Mute jason bourne
    Favourite jason bourne
    Report
    Nov 22nd 2011, 6:18 PM

    Nearly 10 grand a week and more than likely bonuses on top of that and expense’s. Probably over 2 grand a day… Unbelievable

    26
    Install the app to use these features.
    Mute Paddy O Gorman
    Favourite Paddy O Gorman
    Report
    Nov 22nd 2011, 6:51 PM

    Bourne you speak a lot of sense

    9
    Install the app to use these features.
    Mute Dee Ferry Kennedy
    Favourite Dee Ferry Kennedy
    Report
    Nov 22nd 2011, 11:33 PM

    Plus his child benefit

    9
    Install the app to use these features.
    Mute Daniel R
    Favourite Daniel R
    Report
    Nov 22nd 2011, 6:22 PM

    Goldman Sachs Rules the World. Former Employees:

    Mario Monti – Prime Minister of Italy and Minister of Economy and Finance since November 2011

    Robert Zoellick – World Bank President

    Robert Rubin – Former United States Treasury Secretary, ex-Chairman of Citigroup

    Henry Paulson – Former United States Secretary of the Treasury (2006–2009)

    William C. Dudley – President of the Federal Reserve Bank of New York

    Mark Carney – Governor of the Bank of Canada

    Etc. Etc.

    And Now…..

    David Duffy – CEO of AIB

    http://www.youtube.com/watch?v=gZ50x4HXtJo

    24
    Install the app to use these features.
    Mute Hot Toddy
    Favourite Hot Toddy
    Report
    Nov 22nd 2011, 9:34 PM

    Christ almighty what’s wrong with you lot? A guy takes a new job and suddenly he’s public enemy no.1. Why shouldn’t he get paid well, he didn’t screw the bank up? Sure he didn’t get to his position without working his nuts off at school, university and throughout his career. Do we really want to live in a society that rewards mediocrity instead of talent and dedication? I also bet he even took a pay cut for the privilege of coming here.

    24
    Install the app to use these features.
    Mute Jamie Murphy
    Favourite Jamie Murphy
    Report
    Nov 23rd 2011, 7:13 AM

    He married into the banking sector

    4
    Install the app to use these features.
    Mute Eileen Gabbett
    Favourite Eileen Gabbett
    Report
    Nov 24th 2011, 1:51 PM

    Whats that got to do with any thing ??? doctors marry doctors , teachers marry teachers , etc etc .It is called a social circle …

    1
    Install the app to use these features.
    Mute InTrapWeTrust
    Favourite InTrapWeTrust
    Report
    Nov 22nd 2011, 6:07 PM

    499,999.99?

    23
    Install the app to use these features.
    Mute Thinkshpake
    Favourite Thinkshpake
    Report
    Nov 22nd 2011, 6:31 PM

    Predictably loads of people bemoaning the salary… you’re not gonna be able to recruit someone of a suitable calibre to be CEO of a bank by offering them 40k a year folks. How does the salary compare with the CEOs of other banks (in other words, the market rate)? The type of individual suitable would already be earning megabucks in another financial institution anyway… there has to be some incentive for them to move to AIB. Is it not more important that the bank is run properly?

    20
    Install the app to use these features.
    Mute Jamie Murphy
    Favourite Jamie Murphy
    Report
    Nov 22nd 2011, 6:27 PM

    Moving bank tomorrow.
    No way in HELL am I funding a Goldman Sachs shill.

    20
    Install the app to use these features.
    Mute Hugh Hicks
    Favourite Hugh Hicks
    Report
    Nov 22nd 2011, 6:18 PM

    499,999.99 plus bonuses. :) Won’t be long before he hits the headlines for exceeding the limit.

    17
    Install the app to use these features.
    Mute Daniel R
    Favourite Daniel R
    Report
    Nov 22nd 2011, 6:49 PM

    Move Your Money Day was on November 5th but its never too late. Move your money to a Credit Union. Don’t let the Money Junkies gamble with your money.

    17
    Install the app to use these features.
    Mute Frank2521
    Favourite Frank2521
    Report
    Nov 22nd 2011, 7:50 PM

    He married into the banking world in the states after which he kept getting promoted. God help the AIB staff as he has a reputation as being a bully. Expect a lot of job lost. How else will he get a bonus?

    13
    Install the app to use these features.
    Mute Jamie Murphy
    Favourite Jamie Murphy
    Report
    Nov 22nd 2011, 6:31 PM

    Switching from AIB tomorrow.
    No way in HELL am I funding a Goldman Sachs Shill

    12
    Install the app to use these features.
    Mute Paddy O Gorman
    Favourite Paddy O Gorman
    Report
    Nov 22nd 2011, 6:53 PM

    Goldman sacks of sh@t… We are already on our knees, god help us but this country is as corrupt as they come

    10
    Install the app to use these features.
    Mute Derek Durkin
    Favourite Derek Durkin
    Report
    Nov 23rd 2011, 12:26 AM

    All i know is that a lot of mainstream commentators are very hostile towards Goldman Sachs and believe they had the most to gain from the current crisis. The fact that they are leading countries is a bit alarming. When people like Jesus, George Washington, Thomas Jefferson, Eisenhower, JFK to name a few say banks are the biggest danger to the planet u kinda take heed. And no it aint no conspiracy theory.

    7
    Install the app to use these features.
    Mute Hanly Sheelagh
    Favourite Hanly Sheelagh
    Report
    Nov 23rd 2011, 12:38 AM

    Actually they are into One World Government and are well on their way now.

    5
    Install the app to use these features.
    Mute Paddy O'Reilly
    Favourite Paddy O'Reilly
    Report
    Nov 22nd 2011, 7:38 PM
    3
    Install the app to use these features.
    Mute Jackie Crowe
    Favourite Jackie Crowe
    Report
    Nov 23rd 2011, 7:09 PM

    lmao ,,, they are shutting hospitals for our aged people,,, cutting single familys life lines, making sure you cant get medical help if your poor, but will pay 500,000 plus expenses i am sure,,, and bet his kids will have childrens allowance and put in their accounts, while here i am an aib client, fighting to keep my home, yes i am a single mother, with a mortgage, lost my job last year and am given 218 euro a week,, pay my mortgage, elec, heat( very rare) thats a luxury, we are on frozen food this week as cant afford any, mortgage insurance, house insurance, and then to pay that amount and we bailing them out,,, ya know what have my home, i can get rent allowance for more than my mortgage, heat allowance, elec units, why go to work,,, and pay air ryan to have kids, lmaooooo,,, its all a farce , our politicians need to be shot,,, i can only say SF next time, i feel they are only ones fighting for ireland forever and would get rid of all this shit that FF FG and labour have started,, if i had a gun ,,, i would visit the dail,, really would,,, no hope for anyone in this country at all, we will all loose our homes or be taxed out of them ,,, i really think its time for a change, but we will never get one, as our politicians are all over payed dumb unrealistic, cheating lying whores,,, for selling us out

    1
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds