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Rothschild is cutting bankers in the US

If you work for Rothschild & Co, the expectation is that your job will generally be more secure than if you work for one of the big US banks with a reputation for hiring and firing. Last year, however, Rothschild made some cuts to its junior ranks in July. This year, sources say cuts there are likely to be more dramatic, particularly in the US, where we understand they have already begun.

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Rothschild declined to comment for this article, but we understand that the bank is trimming US headcount this month and that although cuts often happen in January, this year's cuts are likely to be slightly larger than usual. They may not be large compared to cuts at other banks, but more may follow - it's understood that Rothschild's US business is cutting costs in 2023 after missing targets last year.

Rothschild didn't comment on the extent of the revenue miss, but data from Dealogic indicates that fees earned by Rothschild in the US market fell 38% in 2023 versus 2022.

It's understood that the current cuts at Rothschild in America unusually include directors and managing directors, a greater proportion of whom are being cut than juniors. Last year's London cuts seemed to affect individuals up to the rank of associate director. 

The Rothschild family took the bank private last September. In its last half year financial report for 2023, the bank said net profit had nearly halved. 

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AUTHORSarah Butcher Global Editor

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