Rothschild Private Banking and Trust is closing its office in Bermuda. The services currently provided there will move to one of the firm’s eleven other offices, with the choice of location depending on individual client’s circumstances and preferences. Up to 12 staff will be affected by the closure in Bermuda. David McLellan, chief executive of Rothschild Trust, said: “Rothschild has had a successful presence in Bermuda since 1996. However, following a review of our business we have decided to consolidate our administrative centres, helping our drive to improve operational efficiency.”