Francesca McDonagh

Francesca McDonagh is an Irish-British banker. She was appointed Group Chief Executive Officer (CEO) of Bank of Ireland in October 2017. She succeeded Richie Boucher who had served as CEO of the bank from February 2009.[1]

Education

McDonagh grew up in Croydon in London[2] and attended Coloma Comprehensive Girls’ School in Croydon. She studied at Oxford University where she graduated with a Bachelor of Arts Degree in Politics, Philosophy and Economics.

Bank of Ireland CEO

McDonagh joined Bank of Ireland from HSBC Group, where she held a number of senior management roles. She is the first female CEO of Bank of Ireland.[3]

Bank of Ireland was the country’s only domestic lender to avoid nationalisation during the financial crisis. By 2013, the bank had returned €6 billion for the €4.8 billion State aid injection.[4]

Early challenges in her role include the fallout of the tracker mortgage issue. McDonagh and the heads of the other five main Irish retail banks were called by Finance Minister Paschal Donohoe to discuss their respective plans on resolving the tracker mortgage issue that had impacted their customers.[5]

McDonagh has stated her focus is on technological transformation,[6] improvements in internal culture,[7] and enhanced customer service across the Group. She has also promoted Bank of Ireland’s objective to reach 50:50 gender balance in management and leadership appointments by 2021.[8]

Personal life

McDonagh, an Irish national, was born in Wimbledon, London, to an Irish father and Egyptian mother. Francesca’s paternal grandfather comes from the village of Carraroe in County Galway and her paternal grandmother is from Laois.[9]

She lives in Dalkey, Dublin with her husband, who is French and owns a patisserie business.[10]

References
  1. "Francesca McDonagh, Bank of Ireland: Profile and Biography". Bloomberg.com. Retrieved 6 December 2020.
  2. "Interview - Bank of Ireland CEO Francesca McDonagh". 4 December 2019. Cite journal requires |journal= (help)
  3. Friemann, Gretchen (18 May 2017). "Bank of Ireland names high-ranking female banker as new CEO". Irish Independent. Retrieved 30 November 2020.
  4. McDonagh, Francesca. "Why banks' top brass should welcome tougher regulation". The Irish Times. Retrieved 13 July 2020.
  5. Brennan, Joe; Kelly, Fiach. "Bank of Ireland taking tracker issue 'very seriously', new chief says". The Irish Times. Retrieved 13 July 2020.
  6. Brennan, Joe. "Bank of Ireland reviews €900m technology plan as new CEO arrives". The Irish Times. Retrieved 13 July 2020.
  7. "CEO McDonagh's mission to change corporate culture at Bank of Ireland". independent. Retrieved 13 July 2020.
  8. Hamilton, Peter. "Bank of Ireland commits to gender equality in executive hires by 2021". The Irish Times. Retrieved 13 July 2020.
  9. Brennan, Joe. "BoI chief focuses on growth as bank turns corner". The Irish Times. Retrieved 13 July 2020.
  10. "Francesca McDonagh: 'We are ready with an all-weather Brexit plan come what may at the end of negotiations'". belfasttelegraph. ISSN 0307-1235. Retrieved 13 July 2020.
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