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AIB announces David Duffy as new CEO

Image: Eamonn Farrell/Photocall Ireland

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.

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Comments (27 Comments)

  • ged_star 22/11/11 #
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    Only €500,000/year, the poor man, how will he manage. I wonder is he entitled to Children’s allowance.

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  • Siobhán O'C 22/11/11 #
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    And the Goldman Sachs Takeover continues

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  • Derek Durkin 22/11/11 #
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    Goldman Sachs employees are everywhere. Fuckers must multiply like gremlins or something. Lets just end the charade and make one of them Taoiseach.

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    • DashRiprock 22/11/11 #
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      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

    • Jackie Crowe 23/11/11 #
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      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

    • DashRiprock 23/11/11 #
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      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.

  • InTrapWeTrust 22/11/11 #
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    499,999.99?

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  • Hugh Hicks 22/11/11 #
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    499,999.99 plus bonuses. :) Won’t be long before he hits the headlines for exceeding the limit.

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  • jason bourne 22/11/11 #
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    Nearly 10 grand a week and more than likely bonuses on top of that and expense’s. Probably over 2 grand a day… Unbelievable

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  • Daniel R 22/11/11 #
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    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

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  • Jamie Murphy 22/11/11 #
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    Moving bank tomorrow.
    No way in HELL am I funding a Goldman Sachs shill.

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  • Thinkshpake 22/11/11 #
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    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?

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  • Jamie Murphy 22/11/11 #
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    Switching from AIB tomorrow.
    No way in HELL am I funding a Goldman Sachs Shill

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  • Daniel R 22/11/11 #
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    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.

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  • Paddy O Gorman 22/11/11 #
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    Goldman sacks of sh@t… We are already on our knees, god help us but this country is as corrupt as they come

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  • Frank2521 22/11/11 #
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    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?

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  • Hot Toddy 22/11/11 #
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    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.

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  • Derek Durkin 23/11/11 #
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    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.

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  • Jackie Crowe 23/11/11 #
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    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

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