– Rothschild in deals (Telegraph):
After 200 years as one of London’s pre-eminent banking houses, NM Rothschild is dropping the initials of its founder and the phrase “investment banking” from its list of services. Here are some of its biggest recent deals:
Rothschild is advising the Irish government on the restructuring of its banks, the weakness of which pushed the country take an €85bn (£72bn) bailout from the EU and the IMF. The London bank took over from Bank of America-Merrill Lynch which had been advising Ireland until last summer.
Two hundred years after “the third son” founded his eponymous bank in London, “NM” is being dropped in a rebranding exercise designed to ditch the group’s “investment banking image.”
The group will now be called just “Rothschild,” while the division previously named “investment banking” has been renamed “global financial advisory.”
Staff at the London office were told about the rebranding in an internal meeting yesterday.
Sian Westerman, in charge of marketing at the bank, told The Daily Telegraph: “Whenever we talked about ourselves we found we were often describing what didn’t do as much as what we did.
“So we’d say investment banking but immediately follow that with the fact we don’t sell shares, we’re not conflicted or self-serving, which felt very negative. We decided to badge the division as it is: financial, advisory and global.”
Experts have warned that the investment bank brands are continuing to be severely damaged by big bonuses and on-going “banker bashing” by the politicians.
In 2010, total compensation and benefits at publicly traded Wall Street banks hit a record of $135bn, according to reach this week by The Wall Street Journal.
NM Rothschild was founded in 1811. The group has advised on deals including Cairn Energy and Walmart.
By Louise Armitstead 6:15AM GMT 04 Feb 2011
Source: The Telegraph