Rothschild plans to shut Chicago office, move staff to New York

ROTHSCHILD plans to shut its Chicago office as the French firm shrinks its North American footprint, according to sources with knowledge of the matter.

The firm will transfer staff from its West Wacker Drive office to New York, said one of the sources, all of whom requested anonymity to discuss confidential information. Details including the timing of the relocations and when the office will be closed could not immediately be learned.

Senior Rothschild bankers currently based in Chicago include the head of the North American media and telecom group, Jon Herbst, who is a partner, according to Financial Industry Regulatory Authority records.

A Rothschild spokesperson declined to comment.

Rothschild recently closed its Miami office after opening it just last year, and Eric Hirschfield, a partner who led that outpost as well as the firm’s Chicago office, retired to spend time with family and on personal pursuits, Bloomberg News reported last week. Following the Chicago closure, Rothschild will have three US offices, New York, Los Angeles and Boston, according to its website.

The firm has shrunk in North America in recent months as deal volume fell. Rothschild’s head of Canada left earlier this year, Bloomberg News reported in February.