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Bloxham lays off seven of its staff stockbroking

BLOXHAM Stockbrokers has cut some 8pc of its staff as the slowdown in business finally began to bite.

The broker let go four back-office staff, believed to have been involved on the institutional equities side of the business, and three IT contractors. The company employs 90 staff in Dublin, Cork and Limerick.

The layoffs come amid a stockbroking industry in flux thanks to the banking crisis here and the global financial crisis in general.

The ISEQ Index is off nearly 16pc this year and a number of companies have delisted or signalled they will delist from the index. Trading volumes on the exchange are about a quarter of the 2007 peak, when some €200bn of equities were dealt.

Just two companies, Ryanair and CRH, account for the bulk of the day-to-day share dealing on the exchange since the collapse of Irish banking stocks.

That has prompted speculation that there could be consolidation in the sector with Goodbody stockbrokers already sold by AIB to the Kerry-based Fexco.

Bloxham is also suing an insurance company for more than €20m over a bond which collapsed in value. The broker is facing action from clients who lost money on the deal and claims Robertson Low Insurances underinsured the bond.

Irish Independent