Hey guys, I'm a current junior and have accepted an offer from RBC IBD for a summer internship. I'm just curious what the general opinion is about the future of RBC. From what I hear, RBC has a great culture and is recruiting aggressively to try and grow it's presence and brand name in the US. Please let me know what your thoughts are about its current (and potential future) prestige and exit opps.
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Congrats man. Which office will you be working in?
Congrats man. Which office will you be working in?
I'll be in the NY office
RBC's a good firm, and a few groups are particularly on the rise. They just poached a couple of HC bankers from Jefferies who were originally with the UBS team. I know they're pretty solid in Equity Origination but other than that I'm kind of in the dark.
DIdn't Joshua Rosenbaum left to RBC Industrials from UBS?
Not sure about long term growth prospects but heard they are paying like boutiques for bonuses. Would like confirmation on this.
good firm, culture isn't bad either. like any "up and coming" bank, you'll work on a lot of pitches and chances are you won't win many left lead mandates.
It's still facing an uphill battle. FIG group has been performing well, though haven't checked deal flow lately.
you're going to be there for 2 - 3 years. not enough time for a bank like RBC to make a difference. exit opps to PE are pretty tough
you're going to be there for 2 - 3 years. not enough time for a bank like RBC to make a difference. exit opps to PE are pretty tough
Upper MGMT said that they pride themselves in keeping analysts past this 2-3 year timeframe.
I am in a similar situation…although I am on the S&T side of things. I visited RBC @ 200 Vesey…The culture really is fantastic. I was told very similar things from upper management as you were told. Future appears bright.
Thanks for the comments guys. Anyone have any ideas which groups are the best? Right now I'm networking with the lev fin and M&A groups because I don't think I want to go into a coverage group.
try landing a product group if you can is my 2 cents
For going into VC is Tech or M&A a better path?
So it sounds like Industrials and HC might be the two top coverage groups there?
Do they only have M&A and LevFin as product groups or are there others too?
It seems as if the suggestion may be go to M&A that way you get to see a lot of deals?
So it sounds like Industrials and HC might be the two top coverage groups there?
Do they only have M&A and LevFin as product groups or are there others too?
It seems as if the suggestion may be go to M&A that way you get to see a lot of deals?
Tech is top coverage
anyone aware of how group placement is done at RBC for summer analyst?
i would try and use that summer internship and leverage it into a better bank for full time. exit opps to buyside are slim from RBC
RBC IBD Perceived Prestige (Originally Posted: 02/22/2011)
How is RBC perceived on the street today?
I heard they are looking to move from a MM->BB in the states and have solid deal flow. From my view, there is some room to do this with their capitalization.
How would they rank among MMs? I perceived them along the lines of Macquarie, williams, and Stifel, but it seems like maybe they are lower BB.
Also, how is the culture here? From what I have seen it is described as "friendly", whatever that means (HR is nice or something?).
This is for RBC IBD in the US, not Canada.
Thx
the hitters at Harris Williams would be disappointed with the RBC comparison
yeah they seriously wouldnt...maybe he meant williams capital group, now that place is a shit show
What MM wouldn't like to be a BB? But anyways, they have made huge strides in the US in the last couple years. Heard culture is great from 2 buddies in S&T, not sure about IBD but in general Canadian shit is cool. Better than Macquarie. Harris Williams is more regional and doesn't have the balance sheet that RBC has; as such, RBC gets in on LevFin deals (have seen them on a lot of stuff on LCD and Loanconnector).
I think M&A, Tech, NatRes, and HC are all good groups.
i don't see RBC on too many large cap us deals. i would def put rbc as an mm in the us. nowhere close to bb. just take a peek at the league tables.
RBC is rarely lead on deals though. it usually takes a co-manager or a secondary role on deals. not trying to bash rbc, just telling it as it is.
What MM wouldn't like to be a BB?: While RBC, Macquarie, Jefferies, etc. are trying to get BB status a ton of them are very focused on MM (Harris Williams, blair, Baird, etc.) and try to stay there as that is the core of their business.
not even close to bb, are u serious.
I've heard nothing but solid things from the people I've talked to there (IBD and S&T) and a good friend of mine is heading there this summer. But yeah, it might be a nice place to work, but is not touching BBs yet. They've made far more strides on the S&T side.
Great info, thx. How should one interpret this:
1.According to data gleaned from deal tracker Thomson Financial, RBC Capital Markets completed 15 M&A transactions in 2010, ahead of JP Morgan (12), Morgan Stanley (11) and Bank of America Merrill Lynch (11).
Analystforhire: Can you elaborate on Canadian shit is cool? Does the Canadian culture carry over to the US? Do they staff MDs from Canada in the US? Thx
Once you start working as an analyst you will quickly learn that whenever a firm slices the data by "Number of Transactions" rather than "Deal Value" it's almost a sure sign that they work on much smaller transactions than their supposed "peers". For instance go look at the article below (I know this isn't the same stat as you were quoting but it illustrates the point). Look where RBC ended up against JPM, MS, and BAML.
http://blogs.wsj.com/deals/2011/01/03/morgan-stanley-takes-the-2010-ma-…
Didn't RBS get destroyed by the Financial crisis? but i guess they are still considered a tweener for being a BB
RBS does not equal RBC
From what I have seen, RBC culture in america is real laid back. Regarding deal flow, I know their energy group has all kinds of deals in the works right now with several of those being lead roles from my knowledge.
sk8 stop trying so hard bro. that data doesnt even have a link.
also i bet Piper Jaffray does as many deals as goldman but they do 2 million avg deal and goldman does 2 billion.
Okay so they seem to have a more laid back culture. What does this mean? No stapler to the head and less dicks for bosses or less hours?
Thx for that LSO--really puts things into perspective.
Any insight on culture?
Is RBC BB yet? (Originally Posted: 04/18/2012)
I was looking at the recent league tables and it seems like RBC is doing quite well, to the extent of being above a couple of the bulge bracket banks. Combined with their huge balance sheet I feel like they are moving into that territory. I also feel like I sense a lot of momentum coming from there. So WSO, what do you think? Does RBC have BB status yet? If not, is it close or getting there? Would people choose RBC over any of the bulge bracket banks?
I'd hope so. I chose to intern with them over certain lower bulges (UBS/DB) on the West Coast
You chose RBC over DB? that is crazy dude
I think the consensus that's been expressed on here in the past is that RBC is doing very well in the spaces they focus heavily on (have heard they do a lot of Nat Res stuff), but that it would be quite difficult for a Canadian bank to ever really push on to global BB status. But there are certainly a few industries/regions where you wouldn't be wrong to choose RBC over some of the BB's.
It doesn't matter if a bank is BB or not, RBC is unquestionably killing it right now, that's all that matters.
Now stop questioning your offers, be proud that you got them, and focus on killing it no matter where you are. Shut up and getback to work, haha.
Haha I do not work for RBC or have an offer out for them. I would kill to be able to work there though.
What would one's exit opps be from a firm like RBC? I was talking with a buddy who's wrapping up at GS and he mentioned that a lot of people at banks such as DB/UBS/Lazard are having a really difficult time getting PE jobs/
They are doing well and would say getting to a Jefferies type level, however still think they carry a bit of a stigma w/ the whole Canadian thing. No wouldn't say they're a "BB", as of now. To get there from what I've seen, is they need to start consistently getting on the short list of debt and or equity offerings for the lead left / co-bookrunner slot to move into BB land. Historically (last 2-3 yrs that is), RBC has been known to try to squeeze in at lower bookrunner levels on higher profile deals. The BB's are BB's because they cater most of the time to bigger public companies where they can put their big balance sheets to work w/ cap markets deals due to the relatively low risk high reward vs. M&A which carries a lot more risk from both the sell-side and buy-side mandates. And the idea has been that relationships with those big public comps will flow through to the M&A / advisory side.
The one thing I was truly impressed with about RBC was the type of talent they have at the associate, vp, and upper management levels. I think this was the first year they've taken SAs on the West Coast; they've really only started up their IB practice post fin crisis, so for about only 4-5 years now. I think it's very appropriate to compare RBC to Jefferies, except RBC has done it in 5 years, whereas it took Jefferies about a good decade to become a major player.
Average deal size for RBC is close to 500mm; I think to become a bulge you have to pass that 1bil threshold.
+1 NR. This applies to a lot of things in life actually haha.
+1 NR?
Homie agrees with me (NR) and gave me a Banana of solid Silver (+1).
WSOForN00bsPeople furiously masturbate to RBC in Canada.
I'm really glad I'm not Canadian.
I think it has done very well and they are definitely expanding and have more potential in the future. Heck they have a huge commerical banking arm to support their investment bank which cannot be said for Jefferies.
After Wells Fargo becomes a BB well talk about RBC
After Wells Fargo becomes a BB well talk about RBC
is Bank of China BB yet?
More like is Bank of China doctor yet?
RBC will never be a BB global bank, as told to me by one of their S&T Group Heads. While their iBanking division expanded aggresively to the US and are now looking to do the same to Europe, their S&T, ER and other divisionsof cap markets did not expand as aggressively.
Id rather work at BMO than RBC
RBC Capital Markets - NYC Rep (Originally Posted: 12/13/2015)
How is the RBC brand perceived on the Street? How does RBC S&T compare to its peers? Which banks do you see as on par with RBC?
Quite curious as well. Here's my 2 cents as someone who has interned there on co-op (not NY):
Top in Canada by a decent margin across the board, #1 or #2 in every product. In London they are growing, and are in a position to poach top talent but probably not the same scale as in 2008-2012.
Their London and NY offices are bigger than their HQ Toronto office. They have a cautious/conservative growth outlook for most of their business lines.
The culture has been described as military like, but I really think that is an overstatement. They are really big though on winning/perfection, especially with anything client facing, but imo everyone I met was on the whole pretty nice and smart.
Maybe it's just me, but there seemed to be a decent number of "lifers" there.
In terms of quality of people, I don't think they are that different than most of the BB's, they just have a more conservative culture and have only recently started focussing on the US franchise (they grew a lot in the aftermath of the recession). IMO though a solid bank to be at for the next 5 years, especially given mkt conditions, probably is one of the few ones growing S&T.
bump
bump
RBC Cap Markets Recent M&A deals? (Originally Posted: 01/21/2011)
anyone know of any M&A deals that RBCCM did recently? can't seem to find anything recent and am interested in knowing more - especially in Canada. Have a drink with the higher ups soon and would want to know some info
They are financial advisor on ArcelorMittal's bid for Baffinland, which has now combined with Nunavut Iron.
ing summit industrial fund
Thoughts on RBC (Originally Posted: 01/07/2012)
What are the board's thoughts on RBC as a place to have a career? Given that it went through the economic crisis relatively unscathed, would job security there be higher than that of other places (any bulge bracket bank I guess, save maybe JPM)
RBC bank (pronounced "pee-'n-see") is being sold off this year, which will likely result in the Royal Bank focusing its effort on strengthening the IB/Corporate Banking operations. That said, I'm not sure how much worse of a place it is to work than any of the others you mentioned. My guess (based on no real facts) is that job security will be relatively solid. Always gotta deal with the systematic job risk of being in high finance though.
what the fuck are you talking about lol- you are talking about RBC selling its North American retail (RBC Ventura or whatever it is) branches to PNC bank, right?
Yes, that's what he's talking about. It's RBC Bank as he said.
OP, they have focused their US strategy on wealth management and IB/Corporate banking solely.
I have nothing but good things to say about RBC. The personality of the group in the Houston office is one of a kind. If you care about rankings, look at their movement in the tables.
To me they seem like an up and coming investment/corporate bank that was only strengthened by the financial crisis as it expanded more in the states. However, I feel like there are less systematic stress for RBC as it is HQ'd in Canada and subject to stricter capital and regulatory requirements. Thus the commercial and retail part of RBC can adequately provide enough safe capital for its more risky corporate side.
RBC is a solid. I have several friends who work/have worked there and have heard nothing but good things.
RBC - Any info on culture? (Originally Posted: 09/25/2011)
Hey guys,
anyone have any information on culture at RBC and how they rank in terms of healthcare IBD?
Any info would be appreciated.
I would imagine their LevFin teams are fairly strong, but I doubt the industry teams get much M&A experience
Someone else chime should chime in if he / she has better info
^^ False. RBC has done a couple solid sell side m&a deals this year and have been leveraging their "slide in at last second" routine quite well.
Care to elaborate on any of the U.S. deals?
Not really. Get surprised with their name popping up on mergermarket.com updates some mornings. Bout the extent I follow their deal flow.
Analysts there have told me that they pitch all the time but not winning mandates on big deals. They'll hire new MD's who no incentives to bring in fees because they're all on 2-year guaranteed contracts. This leads me to believe that a large portion of their U.S. business is based off of RBC's balance sheet.
Looks like the biggest deals they have had is from last year. am I right? (Ex: endo pharma)
Looks like the biggest deals they have had is from last year. am I right? (Ex: endo pharma)
anyone?
do a search. i've talked about them before. knew a few people that worked there specifically in the healthcare group. it was hell according to them. pitching all the time, rarely won (except for the shitty deals). all in all, culture sucked, deal flow sucked. needless to say, the people i knew there did not have many options for solid exit opps
^btw that was for a US office, not a CAN office.
Strong in HOU for Energy. Have been crushing the A&D deals as of late.
Resurrecting an old thread but anyone have updated information on RBC healthcare IBD? Is the dealflow any better in the last few years? Any other insight into the group?
RBC Capital Markets in NYC (Originally Posted: 10/24/2007)
Does anyone have any information regarding this office? The transactions page on their website is rather vague.
As you would expect it is the base for their US product groups - DCM, ECM, M&A, etc.
Other offices in SF, TX, Chi, Canada...
Not sure on the sheer number of employees.
Anyone know about deal flow, compensation, etc.? I'm looking to do M&A with them.
Second that.
obviously RBC is a dominant bb in canada. in the us, their goal is to become a top mm player...to a certain degree they already are if you look at mm league tables. they also have great trading desks in ny. they're known to pay street and i heard culture is great. they expand with caution so they rarely have big layoffs when things go sour and they are relatively unscathed from the credit mess. probably a good opportunity for them to expand further while the big guys contract. overall, i think a solid company with a lot of things aligned in the right direction.
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