Rothschild's cuts reached Canada, and Redburn has a new CEO
Now that Rothschild & Co. is no longer publicly owned, it's not quite as gung-ho as it used to be. It's been cutting jobs, particularly in the Americas and sources say the cuts have reached the Canadian office in Toronto.
Although Rothschild's Toronto office remains open, sources say many of the bankers there are due to disappear once the firm has got to grips with local labor market requirements. It's not clear whether the cuts include Alex Graham, who was transplanted from RBC in London to grow the Canadian office in 2022.
Rothschild declined to comment for this article. The cuts in Canada follow the disappearance of a team of financial institutions group (FIG) bankers in London, including John Brennan, who joined from Goldman Sachs in 2021. "The new owners are impatient with the poor performance," says one insider. "They're forcing decisions like the firing of underperforming bankers, which would never have happened in the past." It's thought that Brennan left of his own accord, however.
While investment bankers are being let go, Rothschild is also making some tweaks to Redburn Atlantic, the London-based brokerage firm it acquired last year. Aisling Meany, the former CEO of Rothschild's private capital business has been promoted as Redburn's co-CEO alongside Steve East, Redburn's former head of sector research, who joined from Credit Suisse in 2019. Former Redburn CEO Adam Young, is becoming non-executive Chairman instead.
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