Accounts for N.M. Rothschild & Sons for the year through to the end of December 2020 have just been released on the UK's Companies House website. They reveal that despite a challenging 2020, the bank kept hiring - and actually increased pay.
When social security payments are deducted, average compensation per head for N.M. Rothschild & Sons' ('Rothschild's') 752 employees was £309k ($428k) for 2020, up from £301k the year before.
Rothschild increased pay last year despite the pandemic. Net global advisory fee income fell 15% to £314m and profit before and after tax halved. In notes accompanying its results, Rothschild said staff costs rose last year as a result of the timing of deferred compensation expenses and salary and pension increases. Money was saved as a result of lower staff travel.
Although M&A revenues fell last year, Rothschild said its financing advisory activity was robust. M&A activity returned in the third and fourth quarters.
Despite the pandemic, Rothschild increased headcount last year. Advisory staff went from 474 at the end of 2019 to 478 at the end of 2020; support staff went from 254 to 274 over the same period.
A recent survey by Wall Street Oasis suggested that Rothschild bankers have some of the best working conditions. In its report, Rotshschild says it runs regular virtual seminars of family and mental health and wellbeing, that it has fitness challenges, and an app called Unmind to help sleep, relaxation, focus and energy.
N.M. Rothschild & Sons is the main UK operating subsidiary of Rothschild & Co. SCA in France. The parent company employed 3,589 people last year, and paid them each an average of €305k ($368k/£264k) per head.
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