RBC IBD - What is it and where is this group headed?

I've seen a lot of debate on what RBC IBD actually is. Some say MM and others say BB. Let's even throw EB into the mix. What do you all think RBC is? Also how is the culture at RBC? What do you all think is the future of RBC IBD? (Last thread on this was a couple years back and I know RBC has made many changes in recent years which is why I am posting this to see how the bank is now).

Comments (17)

Funniest
Aug 22, 2019

I know when I think of RBC's giant balance sheet, 'EB' is the first thing that comes to mind.

    • 47
Aug 22, 2019

Definitely not an EB, wouldn't consider them a BB yet. Although they are performing very well this year in the US M&A Market, they advised the Raytheon/United Tech deal and the Suntrust/BB&T. My cousin works for them and said it has a great culture and pays on par with the street. Right now I'd say they are above UBS/Deutsche, but below CS/Barclays.

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  • Intern in Investment Banking - Mergers and Acquisitions
Aug 22, 2019

.

    • 4
    • 3
Aug 22, 2019

I think the reason many people are hesitating to call them a BB is that, yes they've "taken the places" of UBS/DB but that has more to do with UBS/DB than the overwhelming success of RBC.

    • 1
  • Prospective Monkey in Investment Banking - Generalist
Aug 22, 2019

Lol Rocket2theMoon replies to every thread on RBC

    • 1
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Aug 22, 2019

What exactly is a "fantastic culture" ?

Aug 22, 2019

i heard there is a opening for the Corporate and investment banker position .... ;)

Aug 22, 2019

Position was filled before it was announced open due to someone recruiting off of nonpublic info.

    • 6
Aug 22, 2019

WSO > SEC

    • 2
Most Helpful
Aug 22, 2019

I don't get what's the debate about.

They may have done well in the US in two/three industries but outside of the US they barely do deals and when they are involved they don't take the lead.

They barely have presence in Latam / Africa / Asia.

They try to do large cap coverage but I don't see a lot of large cap deals. They frequently struggle to score roles on sellsides and most often don't lead on buyside.

I'd call them a good Canadian investment bank with good culture in the US and solid coverage of the North America.

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Aug 23, 2019

RBC is the clear #1 IB in Canada - everything else that they do flows out of that. Also a pretty solid middle-market investment bank in the UK/Europe as well, and run one of the best project finance platforms in the world.

The number of universal, full-service investment banks post-crisis is a very small number, so to dig on RBC for not being one of them is a little silly.

    • 3
Aug 28, 2019

RBC purposefully focuses on Canada / US / Europe / Australia (mining). Most of new hiring is happening in the US with an aggressive US growth strategy. This is the focus, not LATAM or APAC expansion. Internally RBC sees JPM / Citi / BAML and other big BS banks as main competitors in main North American markets. Core business is leading financings, with the M&A advisory business a growth focus as well.

    • 1
Aug 23, 2019

balance sheet bank

    • 1
  • Prospective Monkey in Investment Banking - Mergers and Acquisitions
Aug 23, 2019

And any information about how they are doing in the UK & Europe, there seems to be almost no information about deal flow / comp or exit opps

Aug 23, 2019

RBC is not really in the radar in Europe / UK

In the last 2-3 years, they were trying to make inroads in Europe by being aggressive in leveraged finance, but I'm not sure to what extent they were successful. I rarely saw their names in any acq financing / HY issuances and for the few instances I did, they were typically to the far right (likely just brought in for RCF hold)

With that said, I do think they have quite a credible US franchise

    • 1
Aug 24, 2019

on a solidly upward trend. as other commenters have said they've been impressive in NA recently, and even in europe they were lead buyside on a 10 figure deal my BB was doing acqfin for earlier this year. in the US, i'd would put them above DB/UBS but below the other BBs/EBs. definitely way above other big foreign banks like HSBC/BNP

Array

Aug 26, 2019
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