David Duffy (banker) explained

David Duffy
Birth Date: df=y 30 September 1961[1]
Birth Place:Hammersmith, London, England
Nationality:Irish
Education:Terenure College
Alma Mater:Trinity College Dublin
Occupation:Banker
CEO, Virgin Money UK
Term:June 2015–
Spouse:Carolyn
Children:3

David Joseph Duffy (born 30 September 1961) is an Irish banker, and the chief executive officer (CEO) of Virgin Money UK.[2]

Early life

Duffy was born in Hammersmith Hospital in London and moved to Ireland at the age of two. After his parents split up he was raised in Terenure, south Dublin, by his father's sister and her husband, and at the age of 16 changed his surname by deed poll from Madden to avoid confusion.[3] He attended Terenure College in Dublin from 1972 to 1980, followed by Trinity College Dublin where he earned a bachelor's degree in business in 1984, and then a master's degree.[4] Duffy was the first person in his family to go to University.[5]

Career

Duffy began his career with management consulting firm, Craig Gardner, in Dublin in 1984,[6] and has held various management roles, including global head and board positions at Goldman Sachs and ING Barings.[7]

In 2006, Duffy joined Standard Bank as its CEO, and the following year was appointed CEO of Standard Bank International.[8] He was responsible for corporate and investment banking activities, in addition to overseas retail business units. The role covered Asia, Latin America, the UK and Europe. He relocated to Singapore in 2010 where he was also head of strategic projects for Standard Bank.[9]

Returning to Ireland in 2011, Duffy was appointed CEO of Allied Irish Banks (AIB Group plc),[9] one of the largest retail and commercial banks in Ireland. Duffy was pivotal in the turnaround of AIB, returning it to a profit making institution after its bail-out by the Irish government.[10]

Duffy joined Clydesdale Bank in June 2015 as CEO.[11] In February 2016 he led the demerger and IPO of Clydesdale Bank from National Australia Bank, recreating an independent banking group, CYBG plc.[12]

In July 2017, Duffy became a member of the board of UK Finance,[13] a trade body representing over 300 firms in the UK providing banking, credit, markets and payment-related services.

In March 2018, as part of the Chancellor's financial technology (FinTech) strategy, HM Treasury appointed Duffy as FinTech envoy for the regions in England.[14]

On 15 October 2018, CYGB completed the acquisition of the Virgin Money group for £1.7 billion. This was one of the first major deals in the banking sector since the 2008 financial crash. David is CEO of the combined CYBG group, and its subsidiaries, Virgin Money and Clydesdale Bank.[15]

Personal life

Duffy is married and has two daughters and a son.[3] His wife is Carolyn, and they have residences in Cork, Dublin and London.[3] Duffy is a keen sportsman and enjoys running, playing tennis and sailing.

Notes and References

  1. Web site: Virgin Money boss David Duffy: We can shake up banking with our digital plans. 30 January 2022. The Sunday Times. Treanor. Jill. https://archive.today/20240731040740/https://www.thetimes.com/world/ireland-world/article/virgin-money-isnt-feeling-the-love-can-it-woo-the-market-wdfb65bc5. 31 July 2024. live.
  2. Web site: Executive leadership team. www.virginmoneyukplc.com. 23 March 2020. 29 July 2020. https://web.archive.org/web/20200729142945/https://www.virginmoneyukplc.com/about-us/executive-leadership-team/. live.
  3. Web site: David Duffy returns to high life in London after years of slog at AIB. 19 June 2018. 19 June 2018. https://web.archive.org/web/20180619143419/https://www.irishtimes.com/business/financial-services/david-duffy-returns-to-high-life-in-london-after-years-of-slog-at-aib-1.2602341. live.
  4. News: AIB announces David Duffy as new CEO. Bohan. Christine. TheJournal.ie. 2018-07-04. en. 5 July 2018. https://web.archive.org/web/20180705004045/http://www.thejournal.ie/aib-announces-david-duffy-as-new-ceo-285803-Nov2011/. live.
  5. News: David Duffy returns to high life in London after years of slog at AIB. The Irish Times. 2018-11-13. en-US. 19 June 2018. https://web.archive.org/web/20180619143419/https://www.irishtimes.com/business/financial-services/david-duffy-returns-to-high-life-in-london-after-years-of-slog-at-aib-1.2602341. live.
  6. News: Clydesdale Bank boss has 'no concerns' on his ability to execute a Williams & Glyn deal. Martin. Ben. 2016-11-30. The Telegraph. 2018-07-04. en-GB. 0307-1235. 5 July 2018. https://web.archive.org/web/20180705014855/https://www.telegraph.co.uk/business/2016/11/27/clydesdale-bank-boss-has-no-concerns-ability-execute-williams/. live.
  7. News: AIB CEO David Duffy to step down. The Irish Times. 2018-07-04. en-US. 3 January 2016. https://web.archive.org/web/20160103220546/http://www.irishtimes.com/business/financial-services/aib-ceo-david-duffy-to-step-down-1.2071016. live.
  8. News: Clydesdale Bank announces new CEO. 2015. BBC News. 2018-07-04. en-GB. 17 July 2018. https://web.archive.org/web/20180717150721/https://www.bbc.com/news/uk-scotland-30879001. live.
  9. News: AIB lands new chief executive David Duffy without breaking salary cap - Independent.ie. Independent.ie. 2018-07-04. en. 5 July 2018. https://web.archive.org/web/20180705003852/https://www.independent.ie/business/irish/aib-lands-new-chief-executive-david-duffy-without-breaking-salary-cap-26794790.html. live.
  10. News: AIB makes first profit since bailout - Independent.ie. Independent.ie. 2018-07-04. en. 5 July 2018. https://web.archive.org/web/20180705004141/https://www.independent.ie/business/irish/aib-makes-first-profit-since-bailout-30266002.html. live.
  11. Web site: David Duffy quits AIB to head Clydesdale Bank . 2018-07-04 . Financial Times . en-GB . 5 July 2018 . https://web.archive.org/web/20180705003703/https://www.ft.com/content/c83e4272-9fb4-11e4-9a74-00144feab7de . live .
  12. News: CYBG Rises in British Bank's $570 Million London IPO Debut. Bloomberg.com. 2018-07-04. en. 27 June 2018. https://web.archive.org/web/20180627034137/https://www.bloomberg.com/news/articles/2016-02-02/national-australia-raises-up-to-571-million-selling-u-k-unit. live.
  13. Web site: UK Finance Board. 5 July 2018. 5 July 2018. https://web.archive.org/web/20180705151845/https://www.ukfinance.org.uk/about-us/uk-finance-board/. dead.
  14. News: Former AIB boss David Duffy named as England 'fintech envoy'. The Irish Times. 2018-07-05. en-US. 9 November 2020. https://web.archive.org/web/20201109010719/https://www.irishtimes.com/business/financial-services/former-aib-boss-david-duffy-named-as-england-fintech-envoy-1.3437941. live.
  15. Web site: CYBG takeover of Virgin creates challenger bank - Press and Journal. pressandjournal.co.uk. 23 November 2018. 19 October 2018. https://web.archive.org/web/20181019205558/https://www.pressandjournal.co.uk/fp/business/1586507/cybg-takeover-of-virgin-creates-challenger-bank/. live.

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