DUBLIN (Reuters) - Allied Irish Banks’ (AIB) (AIBG.I) Chief Financial Officer Mark Bourke will step down from his role, the bank said on Wednesday, the latest senior banker to leave the lender that has blamed its difficulty in retaining staff on a government pay cap.
AIB said last year it feared in particular losing staff to international banks that are moving operations to Dublin as a result of Brexit, and do not fall under the cap on executive pay and ban on bonuses that Dublin introduced a decade ago.
Of the bank’s 200 most senior managers, a “mid-teens” percentage had left in the last year, chief executive Bernard Byrne said in July.
The bank sought to introduce a deferred share plan for senior executives earlier this year but it was voted down by the government, which retains a 71 percent shareholding following a 2017 initial public offering (IPO).
While Irish Finance Minister Paschal Donohoe acknowledged the restrictions could act as a barrier to the retention of some staff and launched a review of banking remuneration policy, he said the current policy remained appropriate.
“I am extremely disappointed that Mark has decided to pursue his career outside of AIB ... He has a great personal opportunity in his new role and he will leave with our best wishes,” AIB chairman Richard Pym said in a statement that did not say where Bourke was moving to.
Bourke, whom Byrne credited on Wednesday as being instrumental in the 3.4 billion euro IPO, which was Europe’s largest last year, will leave the bank early next year following the completion of his notice period.
Reporting by Padraic Halpin; editing by David Evans