Royal Bank of Canada (RBC) Capital Markets

What are your thoughts of RBC in London? How is there deal flow? How is there healthcare team? What were some of the recent transactions they did? What is 1st year Analyst salaries? How is the life - work balance?

Any information would help.

Comments (42)

 
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8/19/15

Monkeys!

Doesn't anyone have any take on this?

 
8/20/15

I used to work with Tomasic, who now runs their Healthcare team (I wasn't in healthcare though)

He is awesome. Great guy, clients loved, my team loved him.

 
8/20/15

Know at analyst level they pay in line with the street, not sure about Associate & above (assume it's more dependent on strength of the team for levels above Analyst).

You know you've been working too hard when you stop dreaming about bottles of champagne and hordes of naked women, and start dreaming about conditional formatting and circular references.

 
8/13/16

Does anybody have any other thoughts on RBC London? I've heard they have solid deal-flow in Healthcare? Are deals still won on a Balance Sheet basis?

 
 
8/13/16

ie.: they can lend money to a specific buyer to finance an acquisition

I'm grateful that I have two middle fingers, I only wish I had more.

 
8/13/16

You can also bring in a ton future ECM/DCM business by providing a company with a credit facility.

 
8/13/16

More strength to underwrite equity transactions such as for initial and secondary offerings (very popular in Canada for MLPs and REITs as MLPs have no tax deductible advantage so they do more secondary offerings). Ability to participate in leveraged finance transaction such as recapitalizations for extraordinary dividends and issue of high yields. If you do not have a Fortress balance sheet like RBC underwriting below investment grade bonds are obviously too risky.

 
8/13/16

Gotcha-- thanks man. Had a couple of questions:

So, what is SO GOOD in RBC's balance sheet, that they can support larger financing, high yield issuance, overall leveraged finance deals, etc. (basically what you have mentioned in the above) as oppose to their competitors like Jefferies for example. Thanks!

 
8/13/16
ddp34:

Gotcha-- thanks man. Had a couple of questions:

So, what is SO GOOD in RBC's balance sheet, that they can support larger financing, high yield issuance, overall leveraged finance deals, etc. (basically what you have mentioned in the above) as oppose to their competitors like Jefferies for example. Thanks!

For what you're talking about, it's not necessarily that RBC's balance sheet is SO GOOD, it's that it's big. Quick look on Yahoo shows RBC's balance sheet last year was at $756B while JEF was at $35B. The bigger you are, the more money you have to throw around and the less damage a single risky transaction could have on your BS.

MM IB -> TMT Corporate Development

 
 
8/13/16

Interested as well.

 
8/13/16
 
8/13/16

Their Lev Fin is fairly strong. I don't know much about industry groups but we see them frequently as a bookrunner...

 
8/13/16

strong mining i believe

 
8/13/16

Thanks everyone for the insight

 
8/13/16

its not considered a BB but they are strong in lev fin or with big financings because of their hefty balance sheet capabilities

I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought- GG

 
8/13/16

A lot of build-out the last 5 yrs or so - helped their rise to now a top 20 bank (league tables). Your work will be financing heavy b/c of their balance sheet

Very good culture - work hard, play hard, down to earth people - but still group/people dependent

Hours are standard banking but a little less and more efficient throughout groups (less BS and useless work)

Exit opps- not great. Lots of analysts do their third year and also get promoted to associate. You'll have to do a lot of work on your own to get into a PE shop

I'd suggest you put a lot of emphasis on why RBC and why you want to work there over other banks. Emphasize its MM experience in a BB atmosphere/deals

Float like a butterfly, sting like the bee.

 
8/13/16
TheBlueCheese:

A lot of build-out the last 5 yrs or so - helped their rise to now a top 20 bank (league tables). Your work will be financing heavy b/c of their balance sheet

Very good culture - work hard, play hard, down to earth people - but still group/people dependent

Hours are standard banking but a little less and more efficient throughout groups (less BS and useless work)

Exit opps- not great. Lots of analysts do their third year and also get promoted to associate. You'll have to do a lot of work on your own to get into a PE shop

I'd suggest you put a lot of emphasis on why RBC and why you want to work there over other banks. Emphasize its MM experience in a BB atmosphere/deals

A lot of great info. Thanks.

 
8/13/16

Their energy ER team is pretty good

Disclaimer for the Kids: Any forward-looking statements are solely for informational purposes and cannot be taken as investment advice. Consult your moms before deciding where to invest.

 
8/13/16

Anyone know about their tech coverage group in NY?

 
8/13/16

Heard from a PE recruiter that their aerospace/defense is on the up due to a recent MD addition

 
8/13/16

Anyone hear back from 2/7 superday?

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8/13/16

Pretty sure they're done recruiting.

 
8/13/16
 
8/13/16

I did the numerical test for DB Hong-Kong (Wealth Management) in mid-february and also have not heard back yet..
So looks like you're not alone bud! :)

 
8/13/16

The verbal invite finally came and I had the 1st phone-in with hr as well.And now..back to waiting...

 
8/13/16
 
 
8/13/16

Your "friend" might want to have someone with a little more tact seek advice on his/her behalf.

 
8/13/16

Best in Canada, but they are in the same boat as the rest of the Canadian banks south of the border. Actually, it's more of a dingy or a raft than a boat.

 
8/13/16

explain what you mean by dingy....do you really have any idea on this topic being a first year? or are you just saying that because you pretend to know.

I'm asking not to jab at you, just want to know if you really know the type of business canadian firms do in the U.S.

 
8/13/16
IronBanker:

explain what you mean by dingy....do you really have any idea on this topic being a first year? or are you just saying that because you pretend to know.

I'm asking not to jab at you, just want to know if you really know the type of business canadian firms do in the U.S.

I am a Canadian working at a boutique in the US. I'm actually a second-year now too, I should change my profile. I know a lot of guys who work at BBs in the US. I also know a lot of Canadians who work in Canadian banks in the US (my brother included). So, yes, I would say that I have 'some idea' on this topic.

Basically what needed to be said re. Canadian banks in the US has been covered in this thread, so I'm not going to bother repeating. Just thought I would justify my previous position.

 
8/13/16

Canadian firms are mid-market at best in the US...and generally don't do anything too outstanding.

For example, CIBC used to have relatively large operations in Manhattan, but cut way back and now has a small office (not sure if they've actually moved to NJ). It's just not as profitable down there for the Canada banks-don't have the capital of US firms.

 
8/13/16

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