Complaints as Rothschild cuts more juniors in London
When Rothschild announced its intention of going private earlier this year, there was some talk of it being a steadier sort of place than flighty American (and Japanese) banks that hire people and fire them again, and enter businesses and pull out. However, insiders at Rothschild in London say this hasn't prevented the bank from trimming some of its recently recruited junior staff.
We already reported on Rothschild's junior banker cuts in June, but insiders at the bank say they picked up last week. In total, the bank is thought to have cut nearly 20 people in London now, including seven from the consumer banking team, four from industrials and three from healthcare.
Around four of those cut are thought to be graduates who joined less than a year ago. Most of the others are understood to be analysts and associates.
Rothschild isn't commenting on the cuts, which have taken place during summer internships. In its defence, it's far from the only bank cutting juniors right now: Lazard, Goldman, JPMorgan, Morgan Stanley, Bank of America and others have all been at it.
Nonetheless, Rothschild juniors are aggrieved because they thought they were safer than their counterparts elsewhere. One new analyst at the bank said the cuts go against the bank's policy of not hiring and firing.
Rothschild is due to report its half year results on August 3rd. In June, it said it was expecting a 50% decline in profits. Again like other banks, however, Rothschild has also been spotted adding managing directors while cutting junior talent: former Goldman MD Eva Maria Wiecko recently joined in Frankfurt.
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