Wednesday 26 July 2017

Murphy overhaul for AIB

Nick Webb

Nick Webb

FORMER EBS chief executive Fergus Murphy is to lead the complete overhaul and restructuring of AIB, having been appointed as the State-owned bank's new 'Transformation Director'.

Murphy, who returned from Asia in 2007 to take over the EBS as the banking crisis erupted, will front the restructuring efforts at the bank. AIB must repair its balance sheet by offloading loans and other assets while also reducing staff numbers by as much as 2,000.

Earlier this month AIB appointed David Duffy as its new chief executive. Duffy was a top executive at South Africa's Standard Bank International and Dutch bank ING.

The new executive team has the task of rebuilding the bank and ultimately selling it off to make a return for taxpayers.

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