Is RBC Officially a Global BB?
The last time I asked this, some monkeys pointed out their "lack of a global presence", whatever that means. However, on a YTD basis, RBC is actually higher on Global M&A league tables than in US M&A league tables. (https://www.wallstreetoasis.com/forum/investment-…) comfortably beating out BBs and quasi-BBs such as DB and WF.
If we look at LTM instead (https://www.wallstreetoasis.com/forum/investment-…) for US M&A, RBC is #9 and beats out mid-tier BBs such as Barclays, UBS, DB and WF.
Based on the most helpful WSO content, RBC is not officially recognized as a global Bulge Bracket (BB) bank despite its strong performance in certain league tables. The term "Bulge Bracket" traditionally refers to the largest multinational investment banks with significant global presence across all major financial markets, including North America, Europe, and Asia. Here are some key points to consider:
Global Presence: While RBC has shown strong performance in specific league tables, the designation of a BB bank typically requires a more extensive global footprint. RBC is primarily strong in North America but does not have as significant a presence in Europe or Asia compared to traditional BB banks like JPMorgan, Goldman Sachs, and Morgan Stanley.
League Table Rankings: Although RBC may rank well in certain M&A league tables, this alone does not qualify it as a BB. League tables can vary year by year and do not necessarily reflect the overall global capabilities of a bank.
Market Perception: The market perception and industry consensus also play a crucial role. Despite some strong performances, RBC is generally not perceived at the same level as the established BB banks in terms of global market influence and capabilities.
Services and Reach: BB banks typically offer a wide range of financial services globally, not just in investment banking but also in areas like sales and trading, asset management, and retail banking on a global scale. RBC's services, while comprehensive, are more concentrated in North America.
In summary, while RBC has made significant strides and performs well in certain aspects, it is not generally classified as a global BB bank, primarily due to its more limited global presence and the broader scope of services typically offered by traditional BB banks.
Sources: RBC is NOT a BB. Change my Mind., The rise of RBC Capital Markets, Investment Banking Rankings 2020, Investment Banking Rankings 2020, Is Wells Fargo poised to become the next BB?
No
No and WF is not a BB. There’s a reason people pick UBS and Barclays over RBC pretty much every time when it comes to choosing an offer.
because they want to experience what it's like being laid off?
Damn
For good rule of thumb, if you have to ask… you know the answer
Good bank? Yes.
Bulge Bracket? No
But who cares. Many see Deutsche as a BB and that's a shit bank now.
BB doesn't mean best. Separate the two. It's just about product offering and balance sheet.
how would you say RBC stacks up in LDN for PUI and M&A?
Sweaty infra fund buyside one after another with a 30% success rate...
PUI and Infra are the key strong areas. Most sectors aren't great and M&A isn't strong and is focused on buyside mainly.
In London they have a new head of business services who is a rainmaker and a real rising star. Their consumer team in london is also decent.
Congrats on RBC Calgary
No, because they’re a complete non-entity outside of North America.
DB is a complete non-entity outside of Europe. Their deal flow here in the US is actually horrendous and significantly worse than the other European historic bulge brackets and even worse than top MM's like Jefferies/RBC.
This is.....Actually a good point?
I understand this is very likely a troll, but just going to give a real answer here that I think is fair to all sides in case any candidate takes this thread seriously.
RBC is a better bank for M&A globally than DB and has been for quite a while as per league tables. In 2023, it was lower on league tables than both Barclays and UBS and is slightly higher right now. In terms of deal flow, they are seemingly on the same tier as those 2(alongside Jefferies). I am not commenting on prestige/headhunter reputation/exits, but I would think it's hard to say that those banks aren't the same tier given the global league tables for 2023 and H1 2024. Would still take Barclays/UBS over RBC clearly and maybe take DB over RBC if I was solely maximizing for prestige.
Yes it is, the biggest BB!
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