RBC Calgary Mass Exodus

I've been interviewing with the group but really concerned with the number of folks who have left recently, hearing that it's around 9-10 people over the course of last year and 5 people in recent months. Does anybody have any context around this?

How bad are things in calgary O&G right now? Would you opt for a banking role in calgary Vs say houston and curious as to what you reckon deal flow/exit ops/comp might look like going forward for some of the Calgary banks? Heard big 5/peters usually do well volume wise and BBs are a lot more sporadic? 

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Terrible culture, honestly that's the biggest concern. In this hot job market, people have to option to leave for a better group, make more money, and not get treated like an absolute dog. Why would you stay? Objectively RBC YYC is the top Canadian energy shop (or has been historically), but given the awful culture and general decline in O&G, I think smart juniors are taking better offers at different shops (where they get treated like a human being). The recent mass exodus is true, and it's not by coincidence. 

It happens to that bloody awful sweatshop every couple of years. 2 of my close buds worked there, so my take on the key issues below: 

  • Some of the most disrespectful seniors on the street (starting with group heads down to VPs and Directors)
  • Insane amount of politics even for an investment bank
  • Nepotism hires / office transfers
  • Pay consistently below other Big 5 (except for Scotia who shouldn't really be counted anyways)

Would avoid at all costs if you have any other reasonable offers. 


Understandable what's been said about RBC CGY to be fair but isn't this the norm across all shops in CGY? Know a few people in/close to the industry and this is what their summary was - Among Big 5, heard RBC, BMO, CIBC (6 juniors quit in december due to brutal hours with no exits lined) are super sweaty with RBC probably better than the other 2 in terms of deal flow and CIBC much farther behind. TD and Scotia probably slam you with a paycut though I believe hours are better. 

Then across the BBs in town, heard GS, JPM, CS, Citi are disgustingly sweaty with absolutely shit dealflow (except JP). The likes of BAML/Barc probably haven't closed an M&A deal in a few years. Friend met/knows analysts/associates at GS, Citi and CS and they just seem like the typical awkward virgins trying to get high off of brand name but no comp/deal flow to show for it. 

So is this an RBC specific thing or more related to CGY in general with the state of the industry?


This is not new, this a a group that routinely loses half of its analyst class a year in even in good times. As other have mentioned, serious cultural issue and a very toxic environment. 

Do they do rotations out of Calgary office into PU&I or Houston? 

LOL... So if folks on this forum are not exaggerating, I should stay the hell away from this team and clearly put in more time into my lower tier BB NYC P&U process. 

TD out of Big 5; BarCap and JPM out of BBs; boutiques / randoms have very little deal flow so hours and culture tend to be a lot better.

The only boutiques worth a shot are:


Stifel (formerly FirstEnergy)

TPH (newest guys on the street)

All of the other boutiques are garbage: no expectation of deal exposure (nor A&D work) and pay is shit. 

From those Peters has the shittiest pay: base pay of $70k (~$130k total comp) ~2yrs ago for Analyst 1. Add on top of the reputation of having an asshole culture forcing analysts to come in on Sunday's and other stupid shit. 

what makes TD's culture good in Canada? I've seen comments about TD having good culture across every city in Canada

Pros: they had a very strong year and the deal flow continues to be decent, at least for now

Cons: inhumane hours, terrible leadership, extreme levels of disrespect by seniors, good people leaving left, right and center 

Perfect summary with a couple of additions:

Pros: a couple of senior bankers are ok

Cons: the ones that are NOT truly make your life a living hell

They also had two of their best MDs leave in last couple of years so their ratio of tolerable ones to psychopaths is at its worst. 

One of my close buds quit this group less than a year in. Absolutely awful place. 

Worked there several years ago and it's amazing to read all these comments and see that nothing has changed. It was a terrible place to work at but if you were lucky you got decent deal exposure.

Toxicity aside, my two biggest issues were:  1. lack of any coherent leadership or employee retention with us consistently losing best performers; 2. Bad advice to clients to make a quick buck. 

Culture is still ok at the junior level to be fair. Seniors are a mixed bag - the ones that are bad are really bad. Comp is not great even if you perform well. 

How problematic is the culture there? Can people share any specific examples? Isn't the current CEO of RBCCM from there? 

So did they end up hiring anybody? A friend of mine turned down an associate offer from them recently. 

For a secondary finance city, Calgary has a disproportionate amount of bad banking culture. 

yes and the weirdest thing is how the BBs have better culture than the big 5.  It's a black eye for rbc especially because in Toronto, it's generally known for having comparatively chill vibe.   The hours are the hours but not much toxicity. 

Is that ED still at CIBC? Heard a very similar story about another Director who actually left the bank to head the same group at a different bank.

Hopefully this means I have a higher chance of getting an offer...

East Coast RBC associate here. 

Calgary office is terrible but is by no means representative of RBC culture in Canada. Had a few good acquaintances there and they are all either gone or are looking to leave ASAP. They've been trying to poach people from any team they can and folks are openly shutting them down. Heard some disturbing stories of senior abuse there as well.  

Funniest thing about this thread is how universally despised this group is. Typically you'd see at least some keyboard warriors jump on here and defend the mothership but alas.  

Have heard that a staffer will walk the floor on Friday to assess your weekend workload. If it is deemed to be light, you will proceed to receive additional work.