GS Cross Markets vs RBC

Hey, I go to a target school and have offers from RBC and GS cross markets. I would love people's insights on what would be a better offer to take in terms of exits, experience, deal flow, hours, and prestige. I have strong connections in RBC industrials so I could probably land that. Overall, which offer would people take here and why?

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Comments (50)

  • Prospect in IB - Cov
Aug 11, 2020 - 11:15pm

Would probs take RBC. GS cross markets does MM in GS. I think it's def growing but RBC is more established for pe recruiting. You will also probs get exposure to much bigger deals since their industrials group is very solid and has been on some good deals. GS brand name is hard to pass by but I feel like for the aforementioned factors RBC is the move

  • Prospect in IB-M&A
Aug 11, 2020 - 11:25pm

How did you get the cross markets offer? Was it just through regular classic IBD recruiting and you got placed into that?

  • Intern in IB-M&A
Aug 12, 2020 - 1:20am

RBC for sure unless you want to exit finance - GS name is well known in tech etc

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Controversial
  • Intern in IB-M&A
Aug 12, 2020 - 7:27am

GS cross markets. Insane deal flow and generates sizable portion of revenue for GS IBD. There's a strong emphasis on growing the team by GS leadership so you get a lot of exposure. Exits are strong as well, as the 2nd years who exited this summer went to very reputable shops.

  • Analyst 1 in IB-M&A
Aug 12, 2020 - 4:55pm

Why is this getting MS lol? Insane to think people would take RBC over GS cross markets...

RBC interns really gotta try to keep their image up huh

Most Helpful
  • Analyst 1 in IB-M&A
Aug 12, 2020 - 4:48pm

This must be a troll. Where did you come up with the idea that GS Cross Markets is similar to ECM / DCM? And you do know that GS Cross Markets is part of Classic IB at GS and is a coverage group? I think you're confusing the cross markets name with a markets based IB role. The groups couldn't be further apart. GS Cross Markets does M&A and LBOs for companies in the MM / UMM space, specifically $500m - $2b in value. The vast majority of work in the group is done with MM and MF private equity firms. The group at GS that handled M&A deals with financial sponsors has been wrapped into this group as well.

Sure, the average analyst from GS CMG might not be heading to BX, but they certainly are competitive in the UMM / MM space.

Would personally rank GS CMG above RBC, as the firms are no where near each other in terms of prestige, and in the cross markets group you would be working directly on buy / sell side deals with private equity firms. Especially when it comes to exits, there will be many more opportunities to exit to PE from GS compared to RBC, especially considering how early recruiting is now.

  • Prospect in IB - Cov
Aug 12, 2020 - 5:39pm

Agreed that GS cross markets exits better than financing. However, at the end of the day it is MM. In addition it is a new group so not many people from the group have placed into PE so idk how you are getting the notion that they are "competitive in the MM/ UMM space lol" cause their first class exited this year; I would personally take GS too cause of the brand but i think it's much closer than you think. It is technically a coverage but is analogous to a JPM regional investment banking which obv doesn't place even neearly as well as JP coverage. Also note that the recruiting process for CMG is different for classics so it is a diff process.

  • Prospect in IB-M&A
Aug 12, 2020 - 5:55pm

"Big boy IB" lmao RBC isn't even a BB...

Good luck on working on shitty lower middle market deals at RBC that the actual BBs pass on everyday... Have fun exiting to bumfuck capital partners

  • Analyst 3+ in CorpFin
Jan 29, 2021 - 8:50pm

Prospect in IB-M&A

"Big boy IB" lmao RBC isn't even a BB...

Good luck on working on shitty lower middle market deals at RBC that the actual BBs pass on everyday... Have fun exiting to bumfuck capital partners

Just goes to show that the shittiest people on this forum who spew toxic advice based on their malformed perceptions of "prestige" are always the ones who don't actually work in finance. This dude is a prospect, and a fucking moron. RBC is a fantastic bank and has a pretty great culture. Once you actually work a week in this industry you will realize that if you're going to last you need to find a group that you like and can tolerate the culture/intensity of. OP should make his decision based on that, not what some retard, Wolf of Wallstreet idolizing college student thinks is more prestigious.

  • Associate 2 in PE - LBOs
Aug 12, 2020 - 7:32pm

Have you seen the deals that GS CMG pursues? I know rbc interns that have worked on single deals with a higher transaction value than the combined value of what a CMG analyst would work on in a year.

GS Classic > RBC > CMG > GS levfin > other GS Financing, NatRes, RE...

Aug 12, 2020 - 7:19pm

This thread rly shows how WSO is run by RBC interns. It's a MM bank with shitty conversion rates, it's nowhere to be seen in the league tables, and is not a BB by any measure.

Goldman no brainer here, but I'll be expecting MS from the RBC army

  • Intern in IB-M&A
Aug 12, 2020 - 7:35pm

make sure you lube those cheeks for the barrage of RBC interns who are coming for you ... wait nobody actual cares

  • Associate 3 in IB - Gen
Aug 12, 2020 - 7:35pm

lol, except no-one cares enough that they actually make their USERNAME about some bank - your whole existence around here revolves around a bank that dinged you, whereas for other it's just a passing meme.

Aug 12, 2020 - 7:59pm

GS Cross Markets is a very strong team and the size of deals they look at are between 500m to 2bn. You would be mad to join a "no offence" four-tier bank over a GS Classic M&A team. You would most likely do more deals and be on same size transactions as the average RBC sized deal. You have to remember, GS minimi fee is 8x the one of RBC and what they refer to as cross-market would be a 1.5bn P2P.

  • Prospect in Research - Other
Jan 13, 2021 - 2:36pm

Just want to comment. Not in the group, but outside looking in, here are my thoughts. Honestly it is the best thing possible for an analyst to be on a bunch of $500mm - $3bn processes that are fast moving and turnover quick. That's how you get reps, that's how you learn process, that's how you build a bunch of talking points. The fact that you can get all of those things and the GS brand is pretty unheard of. 
 

Other classic coverage groups are also a great experience, but you can get stuck on massive corporates and become the XYZ person. I.E. tmt analyst that basically only covers AT&T for two years and does n number of small add-ons and bond offerings. Middle market and upper middle market is going to have a lot more turnover and you'll see a bunch of different names.

  • Prospect in Research - Other
Jan 13, 2021 - 9:12am

Can update here. Absolute no brainer - choose CMG. GS sponsors was repackaged into CMG along with a bunch of M&A professionals. Group has been a work horse for the firm and analysts are getting absurdly good experience (albeit ridiculous hours). Most of the work is with UMM and MF sponsors - placement for analysts will likely also be with UMM and MF sponsors. The group is essentially soaking up all of the sponsor work with check sizes under $3bn.

  • Analyst 2 in IB - Cov
Jan 13, 2021 - 12:51pm

99.9% of sponsors have check sizes below 1B, let alone 3 B... Are you referring to deal sizes? Just wanted to clear up any misconceptions for others

  • Prospect in Research - Other
Jan 13, 2021 - 2:20pm

Referring to total transaction size. It really is a red hot group and senior management has commented that it's one of the biggest growth vectors for the firm. There haven't been a ton of exits given it's so new, but from knowing the first years / second years in the group, they'll go wherever they want. 
 

For structure, the group itself is starting to form its own industry verticals. Some analysts pretty much only do tmt or crg. Would recommend joining if given the opportunity. Be prepared to work. 

  • Prospect in Research - Other
Jan 29, 2021 - 9:20am

Just an update here as new info comes in. OP - hope you chose CMG. Of GS's new partner class (60 people globally), 2 were from CMG NYC. From what I've heard, group is on fire. 

  • Analyst 1 in IB-M&A
Jan 29, 2021 - 10:21am

Literally sitting in our global all hands meeting right now. Turns out we actually cover up to 5bn in EV (shows how much I don't know).

Flip side, ridiculous amount of hours when I started and pretty much the entire 2019 analyst class is gone already

  • Analyst 1 in IB-M&A
Jan 29, 2021 - 10:26am

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  • Analyst 1 in IB-M&A
Jan 29, 2021 - 8:41pm

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