How is RBC Power & Utilities Group? (PU&I)
I wanted an idea on how the culture is. I have heard that it is an introverted group.
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If in London, the group is top-notch but brutal. Very quantitative and complex modelling involved...so not surprised that the group has the reputation of being introverted.
Sweatyyy
One of the, if not the, top groups at RBC. yes, they're pretty quiet and serious guys but largely still civil being RBC. lots of dealflow / hours.
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Solid group, great deal flow but tough hours. Should note that they're large players in the traditional P&U space but not really in renewables/energy transition.
Who are the large players in renewables/energy transition?
Not in renewables but interviewed for it back when I was trying to get an internship, I think Greentech, BAML, CS (RIP) and Macquarie were all pretty good for the larger banks. Firms like Marathon Capital and Cohnreznick (Marathon is a much better firm for renewables than Cohnreznick and honestly all the other firms besides Greentech, they’re just a boutique/smaller bank) are also pretty active in the space.
First reply is correct for small-scale renewable asset / portfolio deals.
If you’re talking about large-scale renewable energy company (platform) level deals then you’re talking: Barclays, Morgan Stanley, Citi, BofA, J.P. Morgan, Lazard, Evercore, Goldman.
I’ve been curious about this too. Wonder if anyone can provide more context on the P&U space among Canadian Big 5s
Heard PU&I or the overall Energy/Infra/Transition is the most revenue-generating group at CIBC.
I second this!
Since their overall corporate rebranding and renaming of their group, CIBC is positioning itself to be a leader in renewables / Infra.
I’m curious to know where TD P&U stands
one of the female VPs in that group is horrible / overly intense
Hi - thanks for sharing insight, is this referring to VP at TD P&U or referring to RBC PUI?
RBC PUI. That said, every group has overly intense people. It matters more how many intense people there are rather than whether one exists if that makes sense.
LOL, is this the one that worked all over the street? She is notorious for being intense.
How are we defining “intense” - would you be willing to share some examples as context?
You know it.
ur right i apologize
PUI at RBC is definitely one of the top 3 teams within the bank and on the street as well
I'm not a fan of this person either but let's not dox them
RBC crushes it in P&U. They just advised Energy Harbor on sale to Vistra with Goldman. That deal is over $6bn.
You see them on mandates all the time. Would agree they are more on the traditional side of P&U.
In regards to the renewable deals, banks that have tax equity groups tend to excel, such as BofA and KeyBank. Scotia doesn’t have tax equity but they crank out renewable M&A.
Know the group well and can give some insight here.
RBCs PU&I group is probably the best group at RBC and could argue that it’s top 3 across the street. They compete with other top PU&I shops (MS/GS/Citi/JPM) in the Utility and gen space. Have a separate dedicated Infra team that is top notch. Renewables is good too but not top of the street when compared to other P&U groups given how small the team is. Believe it’s only 2 seniors that are dedicated to renewables in NA.
However, this is a very hard group to be in and expectations are high at all levels. One of the biggest reason analysts develop so quickly. Maybe that’s why some of the people below the senior bankers are either terrible or just plain crazy. For what it’s worth, some of the men in this group are 😍!! Eye-candy at all levels!!
Full breakdown below!
MDs - Can truthfully say that all of them are genuinely nice who don’t intentionally kill their people but they’re good at being bankers and produce ALOT of deal flow. So expect long hours but with good exit ops. Seniors will help out with buyside ops.
Ds - All are pretty solid except one of them that’s a complete a##, who’s so full of himself even by banking standards! We hate it when he comes to pitch us!
VPs - This is where one of the crazies come in! Yes there’s a very manic VP that I hear yells and shouts insane things and is universally hated. Rest of them are either great or really bad! Some just never show up and think Covid lockdowns are still happening.
ASO - Most are absolutely useless and can barely open PowerPoint. One of them is allegedly a predator and a legit con-artist, another will go out of his way to act like he’s super busy all the time while taking credit for all the analyst work!
AN - The analyst are how this group gets any deals done and can sprint circles around the ASO and some VPs. MDs will often goto them directly for urgent and important work.
That being said, this is a very good group with some questionable people. If you’re a good analyst you can pretty much get into any infra fund or traditional PE if you try. But expect very long hours and “characters.”
Regarding the “crazies” VPs - feel like this is an example of how not understanding the finance world is about mental health / illness… it’s sad that no one even cares to understand why someone is the way they are and whether there are underlying conditions that are completely outside their control, and “unacceptable behavior” which are unbeknownst to them due to lack of social awareness given their condition(s). Is it possible this person hasn’t been given a chance to be understood and is automatically stigmatized as an outcast, which would likely render their conditions worse?
Dude she doesn’t mean “crazies” like people who eat peanut butter jelly sandwiches every day, or enjoy watching SpongeBob in their free time, or shout go Huskies in the office when UConn basketball is on.
She means “crazies” like people in a position of power over others that use their power over juniors to set unreasonable and unnecessary expectations and deadlines and then berate, belittle, abuse, and burn out their analysts when they “fail” to deliver. There’s a difference between people who act a little weird and people whose choices and actions damage the mental and physical health of the people beneath them. These aren’t people who need sympathy, empathy, pity from us analysts…
Not in the RBC PUI group and not making any judgement on the people there or if they’re crazy. I’ve just seen how bad of an effect the “crazies” can have on juniors and I feel like this take that we should sympathize with them because they’re the real victims is ridiculous at best and malicious at worst.
…
(edit: wh
What does this post even mean? Dominion sucks and is one of the worst performing utilities in terms of share price
utilties have cap markets deal flow and don’t do a ton of M&A given regulatory hurdles for regulated businesses
Dominion literally hired RBC for the $3bn Cove Point sale
LOL
edit : wrong thread
They pull like 100 hour weeks
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