NCB to make 15 to 20 staff redundant

NCB STOCKBROKERS is to make 15 to 20 staff redundant in a bid to trim its cost base.

The IFSC-based investment group informed staff of its plans this week. The job losses equate to about 10 per cent of its 160-strong workforce. NCB is 25 per cent-owned by businessman Seán Quinn, with the balance held by management and senior employees.

It is understood that the redundancies will apply across the board and include equities, corporate finance, wealth management, support services and its office in London.

In a statement, the stockbroker said: “Like all firms, NCB continues to focus on balancing its resources with the demand for its service in the context of the current challenging market conditions. NCB is currently engaged with its staff around measures designed to preserve its strong financial position and to ensure that the firm is well placed for recovery in the future.

“NCB views the measures it is taking as a prudent response to the ongoing uncertainty and in the best long-term interests of the firm.”

A spokesman added that the business was debt-free and in a strong position to weather the economic storm.

Last year, NCB made between 12 and 15 staff redundant as the financial crisis and recession began to bite in Ireland.

Other Irish stockbrokers have trimmed their workforces, with Davy laying off about 85 staff between July 2008 and February.