RBC Capital Markets NYC: 2018 and the Future
Hey all - I have an interview coming up with RBC in the NYC but had troubles finding much recent information on them online. What are some of the recent deals that RBC has worked on? I see from articles on WSJ that they do mostly financing rather than strategic within M&A deals (ex: "MS/GS was the lead advisor for xxx and RBC Capital Markets led the financing for xxx"). Does this mean that RBC just doesn't do much actual M&A work and just hop on the deals last second to provide some financing from its large balance sheet?
I've read that Healthcare, Industrials, and Lev Fin are the strongest groups on this forum, but would I mostly be working on capital raising rather than M&A/strategic as an analyst? I'm guessing exit opps are pretty poor if that is the case. I see that there is a M&A product group too, but I can't imagine that it is any good if all they do is capital raising and financing. In our on campus presentation, they told us that they are growing super fast and what not, but I feel like literally every bank says that... Any thoughts? Am I thinking about this the right way in terms of the quality/type of work RBC investment banking analysts do? I'm guessing compensation/bonus is probably below street since it lacks M&A fees, but please let me know if it is otherwise. Thanks!
Did you get the interview through OCR? I go to a non-target and didn't know they were doing interviews already. I've talked to an alum who said most interviews will be during the summer.
PM me
Yes RBC is mostly financing, pays below street, and exit opps are very bad. If you're the very best analyst in one of the best groups you listed, you may get lower MM PE
Not gonna argue that they are still mostly financing (but they have been growing their M&A business a lot; headcount and revenue in the M&A group has tripled in the last 5 years). In term of bonus, from the people I've talked to, it's actually in-line / above street for the top bucket (70-80k first year, 100-110k second year but probably group dependent). Exit opps, not sure but probably depends on the group. Few people I know went top MM funds, but most people stay on as associates, so take what you want from that. My guess is that the top 3-5 analysts in each analyst class end up at solid MM funds, and the rest just stay on as associates or lateral to another bank.
Can confirm almost all of this per a conversation yesterday with a senior there
You can find recent deals on deallogic and MA function on bloomberg. YTD rbc has been on some pretty big deals. They were on the Scana deal, those 2 huge real estate deals and a few others last i checked. Currently #10 in M&A rankings YTD.
Some of the teams are top 10 and others still do alot of financing deals. I know their Infra/Power Utilities is great. FIG, Energy are pretty strong too. RE is currently the top on the street (ytd). Not sure about rest. There was a day when I checked on basically every team within RBC IBD to see if all the hate from this site was true.
I wouldn't believe everything you read about RBC on this site, just go look for yourself. People are really misinformed. They certainly have stepped up when other banks have trended the opposite way.
If you dont have access to bloomberg for league tables PM me
I do have access to Bloomberg at my school, but if you look at 80-90% of the deals they've worked on and click on the advisors section in the M&A function of each deal, RBC is almost never listed as the first advisor for either sell-side or buy-side. My question is if this means that they barely did any work on these deals and just do financing to make the M&A deal possible... For an example, for the Scana deal and the real estate deals you mentioned, do you think the industry groups or M&A product groups actually did the valuation and everything?
I guess the better question is: if you are not a lead advisor on M&A deals, what kind of work are you doing? Is it significantly less than the lead advisor, and will PE firms look down on it if you list on your resume a deal that you worked on that you weren't a lead advisor on?
Yes they have split lots of the big deals with others like MS, Barclays, DB, and evercore this year. But that is pretty standard for deals of that size.
RBC spent time growing the sponsors/client lists with financing so that when M&A is possible they can be apart of the transaction. This is part of the growth mentioned above, Again number 10 in M&A only.
For the deals questions, it depends on the group. Many of the industry groups do alot of the work but the M&A group will actually execute and do the valuation etc. However, in the case of those deals I believe the RE and Energy team likely ran most of the deals because both of those teams, alog with a few other at RBC do all their product work. Those deals happen to be in very niche industries that I assume that M&A doesn't touch.
For the last question, I am really not sure. Deal experience matters and notable deals are good but so is volume of deals. My understanding is RBC played a significant role in each of them but it could be a sell side relationship thing. I really don't know. When 3 banks end up on a 50bn deal what do each of them do everytime- its pretty case by case.
In summary its a great bank that you can certainly exit from. I know of 3 guys in the 6 person analyst class from a specific group that all ended up at great funds. RBC is not Goldman dont get me wrong but can certainly lead to a great career. Especially with what the bank has been doing recently. They are focused on the IB business unlike others in the same teir range.
I mean, just go look on LinkedIn. I feel there's a lot of RBC employees on WSO looking for validation. Your bank isn't bad but it's not very good. Most analysts are not from top schools and exits are poor.
RBC New York Question (Originally Posted: 12/20/2010)
What is RBC compensation for analysts in New York? and the culture/hours/etc?
1st year analyst get 70K base and 10 K sign on - no idea about the year end bonus. When I was speaking to them they seemed like they were really trying to jump ahead in the tables and make a name for themselves
70+10, prorated year end bonus for the first year; no clue on number. When I spoke to them regarding hours, an MD put them in middle somewhere between a sweatshop and lifestyle bank.
bump
See PM
Any other insight on this? It seems like some of the Canadian banks are recruiting more heavily this year for NYC. Would like to get some visibility on hours/bonuses if possible. If the lifestyle is similar to their canadian counterparts (read: better than BB's in the US), would it make sense to take them over lower BB's/other MM's?
Amet sunt nobis eos alias cum provident. Quae quia ipsa sed ipsam assumenda quaerat sapiente et. Officiis nobis nesciunt minus et impedit qui quasi. Magnam voluptatem rem porro officia nihil.
Id voluptatem voluptas nisi asperiores et occaecati. Voluptas cum esse quae a consequatur et quam qui. Provident voluptate commodi veritatis voluptatem qui velit. Autem exercitationem veniam amet dolores voluptatibus. Molestiae perspiciatis fugiat explicabo sint iusto.
Atque voluptatem aperiam ipsam error. Quis quidem impedit alias non sit debitis mollitia. Sequi dolor atque quasi illum ducimus tempore architecto consequatur. Quia ducimus voluptates assumenda hic. Quasi blanditiis voluptas velit ut voluptatibus reprehenderit.
Consequuntur facilis et voluptatem aut suscipit. Earum nemo enim sed atque.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...