Rothschild to cut 6% of French asset management workforce

French private bank Edmond de Rothschild Group will implement substantial job cuts, following the reorganisation of its asset management operations.

Press reports said the group will cut up to 66 jobs from its French workforce, about 6% of the firms’ 1,000 employees.

Rothschild is understood to have devised a voluntary departure plan, which will be completed by the end of the year.

In July, the firm confirmed plans to merge its two main asset management units in France, Edmond de Rothschild Asset Management and Edmond de Rothschild Investment Managers, in order to create a single structure with more than €20bn of assets under management.

The business units merger is also expected to be completed by year-end, and follows the departure of Philippe Couvrecelle, chairman of the board at Edmond de Rothschild Asset Management, who recently left the firm.

Job cuts would be related to this strategic decision.

 

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