Where does RBC stand in exits
As RBC rises in the leauge tables, I wonder where RBC legitimately sits in exits. It seems so much better compared to DB in the league table in the Americas, but the consensus seems to be that DB still has better corporate PE exits in top groups vs. top groups. I understand the exits being worse than the other historically considered BBs due to them being better in leauge tables, but am wondering about DB in particular since they are so much worse. I am wondering if that will ever change. I also wonder how it compares to MM names like Jefferies or Blair.
Would rather be at RBC right now compared to Barc/UBS/DB.
Barc because they just lost a ton of their rainmakers to UBS, are firing even more people, and London HQ has set very high targets for IB that are essentially impossible because the leadership has replaced Lehman rainmakers with a sack of potatoes from significantly worse firms with worse relationships.
UBS is also currently firing everyone because of the CS acquisition integration, so RBC is better than them as well. They are also a WM-focused bank with IB as a distant 2nd priority, I am not saying RBC is primarily an IB but I think the priority is higher for IB in the Americas at RBC compared to UBS.
I think RBC is simply better than DB: yes DB is hiring MDs but RBC is more aggressive at that and already currently ranked higher than DB in league tables in a significant way, RBC is also for better or worse a larger bank that is and can afford to be much more aggressive in their efforts to win business vs. DB or like Barclays(look at the market caps of these banks and their AUM's, RBC is just simply significantly larger). RBC seems like a much stronger bank in the long run.
Agree with you on taking RBC over bottom BBs like UBS/DB, would definitely take Barclays over RBC assuming all else equal (groups, location)
I think UBS/Barclays are one tier together tbh. They are very similarly ranked globally, and UBS is stronger in APAC/EMEA while Barclays is stronger in NA. Also given UBS took the Barclays seniors and a lot of their rainmakers, Barclays and UBS are going to end up in similar enough spots in NA soon enough(Barclays new hires are absolutely terrible and nowhere near replacing their lost Lehman-based talents or relationships). Ultimately, both banks are worse than RBC IMO in the long run but think they are pretty similar now post-CS acquisition + Barclays hires. DB I agree is just a tier down from all 3.
Edit: I am also a very jaded Barclays analyst whose only excitement comes from looking forward to leaving this hell hole, so maybe biased but it has sucked seeing so rainmakers leave and get replaced with terrible MDs (look at UBS's overall global M&A fees, they were higher than us last year and will prob end up being again cus our London leadership is dogshit.).
It's crazy that a thread on RBC exits has a comment purely shitting on the European bank's current state in America. Ig that's helpful in the sense of making me feel better about my spot, so thanks!
How would you compare RBC to Wells Fargo? In terms of firm positioning, deal flow, and exits?
What caliber is your talent?
probably very high; must be from a target
Prospects need to stop hating on RBC and acknowledge it's success in hiring MDs and being aggressive in winning deal flow. It's way better than the shit hole that is Barclays lost a large chunk of their rainmakers to only bring in no replacement... only to set much higher targets than when we had those rainmakers. The London leadership is incompetent and/or wants an excuse to fire IB people because their lofty aims weren't met (of course they weren't met because we lost good MDs and replaced them with terrible ones).
This is so dumb- has RBC ever led a real deal ever? Congrats on financing deals
Pretty decent on exits in recent years. Mostly MM and a few UMM’s. M&A, PUI, and Global Energy have the brunt of the exits
M&A have sent to CD&R/ Harbourvest/ THL/ Digital/ One Rock/ Brookefield/ Platinum/ Omers/ HIG
PUI sends analysts to Ares/I Square/Brookefield/ Stonepeak/ Sixth Street / MS Infra
Groups like Industrials/ CME/ LevFin are generally about the same, with the edge to industrials and LevFin
Analysts with strong backgrounds typically lateral to top groups at top firms after a year and exit just as well. Recent ones have been Evercore (a lot actually lol)/ MS/ GS/ JPM
TLDR: exits are catching up as the firm’s perception grows, but exits are mostly due to self selection and strength of the candidate
Got it, those seem like really good names for M&A and PUI. I am currently going in with the assumption I can't lateral since that market seems so dead, and don't want to depend on that. Good to know UMM exits are still possible, think I would be broadly happy with that.
Yeah, some did lateral and did off-cycle. I'm sure with enough elbow grease you can land something
Only CD&R, Ares and Brookfield are good-ish exits. Rest aren't anything to write home about.
Is Digital referring to DigitalBridge?
LowCaliberTalent is that you lol
RBC is not the bank for good exits, but RBC pay is on average better than the low tier (European) BBs like barc, db and ubs
How do RBC's exits stack up with Wells? In terms of dealflow and exits?
Wait another 10 years RBC will be a solid bb and a strong pipeline to Centerview, assuming you went to Georgetown
I saw someone exit to KKR Tech Menlo once. How did that happen?
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