Rothschild Continuation Holdings (RCH), the Swiss co-ordinating company for the NM Rothschild investment banking group, has seen profits before tax rise by 16% in the year to March 31, 2001, indicating that has been less badly hit than some of its bulge-bracket competitors.

First quarter figures from most of the big investment banks have shown significant declines in profits in the first quarter of 2001. Goldman Sachs's figures fell by 13% on the same quarter last year and Morgan Stanley, which has a more diverse business, saw a drop of 30%.