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?

Region

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Comments (124)

  • Prospect in IB-M&A
May 11, 2021 - 7:29pm

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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  • Associate 1 in IB-M&A
May 11, 2021 - 10:22pm

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. 

May 11, 2021 - 11:23pm

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. 

May 11, 2021 - 11:30pm

Can you provide some additional details/specifics?  What is going on with the culture?  What are the politics?  How is it different from other banks?  

  • Incoming Analyst in IB - Ind
May 12, 2021 - 12:55pm

Difficult culture there for juniors to say the least, but good deal flow and good experience to be had. Heard BAML and Peters are also sweatshops, JPM has the best overall mix of culture and workflow, Barclays and JPM have good culture. 

  • Analyst 1 in IB - Ind
May 12, 2021 - 5:32pm

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. 

  • PM in HF - Other
May 12, 2021 - 6:19pm

Know some folks from back in the day, couple who worked at MFs or so. Exits were good cause work on headline deals but with todays industry not sure anyone sees those deals anymore. 
Also the US BBs do pay much better and everyone I know had a chance to look at other offices. But deal experience could vary.

  • Incoming Analyst in IB - Ind
May 13, 2021 - 12:21am

What bank has the best culture in Calgary?

  • Associate 1 in IB - Ind
May 13, 2021 - 1:24am

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.

  • Analyst 2 in IB - Ind
May 29, 2021 - 2:40pm

The only boutiques worth a shot are:

Peters

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. 

  • Associate 1 in IB - Ind
May 13, 2021 - 11:58am

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 

  • Analyst 1 in IB - Ind
May 13, 2021 - 12:17pm

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

May 16, 2021 - 11:08am

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. 

  • Analyst 1 in IB - Ind
May 17, 2021 - 11:53am

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. 

  • Analyst 1 in IB - Ind
May 18, 2021 - 11:27am

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

  • Analyst 1 in IB - Ind
May 28, 2021 - 12:44pm

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

May 28, 2021 - 4:57pm

Gotta love banking, its like every other day I get learn about another bank or office with a horrendous culture. IB never fails to surprise me with how shitty it can be.

Dayman?
  • 3
  • VP in IB - Gen
May 28, 2021 - 5:50pm

CIBC P&U in Calgary is also awful.  There's one ED who juniors hate so much and turn over so much while blaming him directly that his promotion was tied to juniors under him not quitting for a minimum period of time.

  • VP in IB - Gen
May 30, 2021 - 3:36pm

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. 

  • Prospect in IB-M&A
Jun 6, 2021 - 11:40am

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.

  • VP in IB - Gen
Jun 7, 2021 - 12:02am

just looked on LinkedIn, you're right.  guess he never got that MD promo after all, for good reason.  sounds like he legitimately has mental problems.

  • Intern in Acct - Audit
May 30, 2021 - 3:37pm

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

  • Associate 1 in IB - Ind
May 31, 2021 - 10:49am

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.  

  • Analyst 1 in IB - Ind
May 31, 2021 - 12:42pm

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.  

  • Analyst 1 in IB - Gen
May 31, 2021 - 1:13pm

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.

  • Partner in PE - LBOs
Jun 1, 2021 - 2:39pm

I'm genuinely surprised it took this long for that office to get bashed on here. The truth was bound to come out sooner or later. 

  • Associate 1 in IB - Ind
Jun 2, 2021 - 1:09pm

Nearly identical exits in Canada. RBC will provide better lateral / PE (?) opportunities in the U.S. 

  • Associate 2 in IB - Ind
Jun 6, 2021 - 4:29pm

NYC RBC associate here. Seniors are some of the worst people I've ever crossed paths with. 

I wish they would not transfer these geniuses into other groups though. One of my close friends in the bank works in PU&I and one of Calgary people joined them last year - she's universally despised and makes juniors' lives hell. 

  • VP in IB - Gen
Jun 7, 2021 - 12:04am

I'm in NYC and my seniors are pretty chill.  As always, it's pretty group dependent.  I know my experience isn't universal.

  • Analyst 1 in IB - Ind
Jun 7, 2021 - 1:52pm

Are you in a product group or a particular sector coverage? Heard some bad stories about M&A but heard LevFin is pretty great. 

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