Now Rothschild is cutting bankers too
Not long ago, Rothschild - like every other bank - was busy hiring itself experienced junior bankers from other banks. A brief look at its associate ranks in London reveals that plenty of them joined last year. Now, they are in danger of being cast off again.
Like Lazard, Goldman Sachs, Morgan Stanley, JPMorgan, Citi and just about every other bank out there, Rothschild is trimming some heads.
Rothschild isn't commenting, but sources at the bank say various people between analyst and assistant director level have been let go in consumer, healthcare, real estate and infrastructure teams. In some cases, this amounts to more than 10% of the total.
One recruiter said it seemed that people with less than two years' experience were being targeted. Instagram account IBD memes reported a few exits yesterday.
Rothschild is due to report its half year results in August. Its last results for 2022 revealed that it employed 4,201 people globally and had increased headcount 10% in the year. Only 131 people were registered staff (material risk takers).
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