A top FIG banker is leaving as Rothschild makes big cuts to his team
As we reported yesterday, Rothschild & Co. is cutting jobs in London after removing jobs in New York. While many of the cuts are affecting junior bankers, sources say some teams are more heavily impacted than others.
The London Financial Institutions Group (FIG) team is thought to be at the forefront of the cuts. Rothschild declined to comment, but it's understood that up to 50% of the team has been cut in London, with layoffs impacting employees at all levels.
Amidst the changes, it's understood that John Brennan, a Rothschild partner in the FIG team is leaving of his own accord. Brennan joined Rothschild as a managing director in 2021 and was promoted to partner last year. He previously spent nearly 17 years at Goldman Sachs and was hired to grow Rothschild's FIG business. He's understood to be retiring.
Figures from Dealogic show EMEA FIG revenues falling 11% last year compared to 2022, and nearly 50% compared to the high of 2021.
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. Rothschild doesn't usually cut jobs, but this year appears to be an exception. Unwanted staff reportedly received emails informing them of their fates. Competitors like Lazard are cutting too.
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