RBS/NatWest Markets - Good place to start career?
Would you leave a MO role in a top 5 bank, with no prospects of being able to move to FO to join a FO position in RBS/NatWest Markets?
Also, does anyone have any info on the culture at RBS? (I know it has been renamed to NatWest Markets)
What is the pay like?
How is it like for Analysts? etc etc.. More interested in the opinions of those in the UK.
RBS in the U.S. (Originally Posted: 12/31/2014)
I don't see much of RBS on these forums anymore. Whats their current state in the U.S. ? It appears as if they have closed down their M&A and equities businesses. If this is the case, what does a coverage group actually do? Any help would be greatly appreciated.
Thank you
Still active in LevFin.
Still active in LevFin.
Curious on this too. How's the pay? Does RBS in the US= Citizens Financial Group?
Curious on this too. How's the pay? Does RBS in the US= Citizens Financial Group?
Curious on this too. How's the pay? Does RBS in the US= Citizens Financial Group?
Curious on this too. How's the pay? Does RBS in the US= Citizens Financial Group?
How the fuck did you just quadruple post?
Word I'm trying to figure that out
RBS is HQ in Stamford, CT (about 35 mins out of NYC via Metro North). Rumors have it that they been slowly moving more of their people to NYC but they have to keep b/t 2K-4K in Stamford to get a tax break. The people I know at RBS, Stamford are mostly MO/BO with a little sprinkling of FO. I just did a basic job search on the corporate page and here's the FO roles i found.
Hope it helps!
Duplicate post
RBS is shrinking their operations in the US both as a result of pressure from the UK gov (who still holds ~80% stake since bailing them out) and in order to avoid the required stress tests from the Fed on foreign banks who surpass a certain threshold of assets in the US.
In the US they almost exclusively operate in fixed income S&T and DCM. They just sold all of their assets associated with their mortgages desk.
RBS Securities is totally separate from Citizens, which I believe they either sold or spun off, but it's possible they were only in talks to do so.
RBS Is a sinking ship. Don't be fooled by their high(ish) base salaries (London £46k) - they pay small bonuses to associates (top bucket was £15k in DCM) and even smaller (if any) to analysts. I would point out that RBS has a fantastic culture and the value a work life balance, even for analysts. Be prepared for witnessing redundancies on a regular occasion - I personally know a VP who was let go 2 weeks before his wife was due to give birth.
Their newly appointed CEO (in the job for a year) is an ex-retail banker and strategy is definitely focussed on restoring the retail banking operations. RBS had a fantastic reputation pre ABN AMRO and bailout for their retail bank.
The UK media is ruthless towards RBS and flames them at every available chance.
If placed in the right group, analysts can lateral to other DCM functions in other banks.
Morale of the story - if RBS is all you have then take it. Otherwise avoid at all costs.
RBS ---> exit options (Originally Posted: 02/27/2011)
i will be starting FT at RBS in the DCM division and while I am thankful to have the offer I can't help but feel a little dissapointed in the situation - my goal is to go to a top tier MBA and eventually work in Private Equity. I dont feel like RBS is going to give me the best exit oppurtunities and was wondering if anyone had some advice on what I could do to make the most of the situation. I know M&A is prob more useful in this situation than DCM so I am working on changing to M&A - but apart from that, any suggestions?
I was thinking after a year or so I could try a lateral move - is this possible, or will banks still only recruit from the best BB firms.
Do any of you know what exit routes many in RBS have pursued in the past?
Thanks for your time
Government?
Which office is this for? London or US?
you won't get megafund interviews but RBS DCM has a solid reputation. It's one of their brighter spots I imagine you could get interviews for smaller PE funds or transfer to M&A.
GS tech support
I know someone at RBS in DCM that is currently in a top 5 B school part time. I'll be sure to let him know that you were wondering and that they have an analyst starting in the summer who already doesn't want to work there.
lol, this is classic
Haha, the pitfalls of bitching on WSO fully exposed.
douchey but hilarious
RBS DCM, exit opps?
lol
royal bank of scotland (Originally Posted: 06/09/2007)
Does anyone have any ideas as to how strong RBS's investment banking operation is? From the website, it seems none existent.
I have an interview with them and I am just trying to do my due diligence. Thanks in advance for any thoughts.
then a combined entity would be qutie formidable..not a top5 but a really strong one nonetheless.
this whole thing is interesting for me, as im an abn amro ibanking monkey! ;o)
i still haven't figured out if it's RBS Greenwich Capital or simply RBS. I hope it's the former, I think they are pretty strong on the fixed income side.
Still have some concern in terms of whether I should do leveraged finance though. Can people comment on that?
From middle market M&A to leveraged finance at RBS, is that a step up?
I believe Greenwich Capital is their S&T operation. RBS would refer to the bank as a whole.
Regarding their leveraged finance: JP Morgan is the king right now, but RBS is legit in that space and has been moving up in recent years - my opinion supported by league tables.
Is it a step up? Might depend on what MM firm you're at right now. Realize you would be focusing on a product in leveraged finance, versus doing M&A deals, although the two certainly involve one another.
Really? Is the JPM comment North America-based or global? I thought DB was tops in FI in Europe.
RBS is a considerably stronger European presence than a North American one (naturally). If they successfully pull in ABN AMRO, they're going to be a serious force in Europe.
how does combining two lower tier banks result in a top tier bank? abn's ib is a joke and i thought rbs was after was abn's retail arm, specifically la salle
lasalle is (was) a midwest ibank... not a retail arm
La Salle has a tiny ibanking operation. They are a regional commercial bank with little presence outside the midwest.
Cain - Where are you applying RBS NY or RBS London?
To say their investment banking operations is non-existant will get you immediately rejected right away. NY is much smaller, but London is a significant office. I think RBS refers to their ibank as Global Banking & Markets. They refer to their lev fin mostly as 'commercial banking', but it really is ibanking at most other places.
RBS Greenwich Capital is the CT based S&T portion which used to be Greenwich Capital. RBS is very strong in Lev Fin. They're at the top of the league tables in syndicated loans. RBS has an office in midtown NY IBD. RBS is not BB by any sense, but if you're in a top group (like lev fin) exit ops aren't bad at all. Plus, they are trying hard to get their name out.(hence their ads at airports ( Laguardia, JFK and heathrow express)
RBS isn't interested in La Salle's ibank, they want their retail presense in the midwest. They already have a presense with Citizen's Bank but LaSalle would broaden it's reach. ABN Amro's IB has certain niches that they RBS might be interested too.
Congrats on getting the interview. The step up depends on what you want to do. In Lev Fin at RBS, I doubt you'll get too invloved with M&A (besides financing M&A) so if you love M&A, it may not be worth it. However, if you want to broaden your product knowledge it's a great move so you can step up to a better bank later.
This is RBS-NY. Thanks for all the inputs. They are certainly appreciated. I am currently like a firm that has about 100 bankers and 1000+ brokers, with mostly a midwest reputation. I am just wondering if going into leveraged finance would be too big of a jump for me.
Any one in leveraged finance here can shed some light on this? Your background before starting in lev fin, etc?
How screwed is rbs? (Originally Posted: 12/07/2009)
http://www.nypost.com/p/news/business/uk_bankers_hit_exits_over_pay_RZy…
"In a London preview of Wall Street's bonus nightmare, more than 1,000 investment bankers have quit Royal Bank of Scotland to work at rivals due to curbs on their paychecks, according to people familiar with the situation.
Wall Street banks fear top talent would flee en masse for greener pastures if Uncle Sam's pay czar, Ken Feinberg, and Congress try to put more ceilings on bonuses and pay at financial firms.
In the UK, the rules are modeled after US actions to curb pay at firms bailed out by the government.
RBS will soon be about 84-percent owned by the British government due to recent bailouts.
The protest exodus at RBS -- first reported on the Web edition of the Times of London -- involved less than 5 percent of its banking professionals.
Some headhunters see more bankers jumping ship in the coming year as the controversy deepens over pay freezes and curbs.
Read more: http://www.nypost.com/p/news/business/uk_bankers_hit_exits_over_pay_RZy… "
Not at all.
"royally" pun intended
Pretty fucking screwed (pardon me)
I wonder how low the pay is
For what it's worth.
That's not even taking into account that they are in Stamford.
same thing 70k base 10k bonus
but i can't imagine what the bonuses are.
BAML doesn't seem so screwed now. It might take time, but I wouldn't be surprised if RBS bounced back.
lorican you work for rbs rofl you are screwed. And GoodBread you are an idiot, BoA only had an issue with the merger, Merrill Lynch was ripping up league tables the whole time.
RBS has been DESTROYED and its best area (debt) is not allowed to grow or rank top 5.
That is like taking your best racehorse out back and blowing its brains out. Basically that'd be like if BoA was forced to sell Merrill to Goldman at a discount.
I'm gonna guess bonuses at RBS are around 500 dollars, basically back office bonuses lol.
@ 1styearBanker
Actually, I don't. But I would, if I could avoid working with pricks like you.
@ 1styearbanker.
RBS's FO stuff is completely screwed short-term. But they're still a very major player as far as large commercial banks in the UK. They will stick around long enough to rebuild their IB business when the economy picks up in the UK (which could take a very long time).
I'm just defending RBS' prospects as a whole, not their IBD.
That's fine, though I don't know how many of us here care about commercial banking.
Haha, some senior trader came by the other day and was all about into commercial banking "The next great thing" Sad thing is... some of the students were really taking it in.
Hmm thanks, talked to a lot of people and it seems RBS is a dead end soon, and the new British law that was passed didn't help much either to restore confidence.
I've been told by bankers to go for one of the others like BNP/Nomura/HSBC for international and for the U.S. go for a BB/Commercial that isn't dying, such as Citi, Wells, JPM, BoA.
RBS' is not focused on the US when it comes to M&A or Debt in comparison to its focus on EMEA.
Perhaps in next 5 years they might change but currently they don't seem to be interested in building up a US presence :)
How long until RBS shuts down Americas operations (Originally Posted: 08/05/2017)
It seems like RBS announces new layoffs every two weeks. They've cut something around 600 positions in Stamford in the last few years. How long do you think it will be until they finally throw in the towel?
Just curious- do you work in that building... Asking for a friend.
Anyway- RBS has basically stopped its Americas business. I believe the Stamford office is just for US trading. I had thought that in the U.K. RBS was doing alright- all things considered.
I don't. But I do live in the area. I knew that their IB group was gone, but I just read they've been cutting trade support and back office functions. Seems that the next step would be to eventually cut all operations given that they lease out a massive building here and probably occupy 15-20% of it at this point.
IB at RBS (Originally Posted: 07/09/2011)
Just curious what anyone may know about IB at RBS. Such as how it stacks up against other BBs in the US? And also what it's presence is like in the UK/Europe - I'm guessing it has a much stronger hold on the markets overseas than in the US?
Well it's considered a BB in the UK, but the at the bottom of the BB's. And even then it's speciality is FI - not strong at equities or IBD, it gets veryy little M&A deals currently. However this is because it's had a tough few years and there's only one way for it to go - up. I wouldn't write it off, they'll be a much better chance for promotion in as growing organisation and I do think it stands a good chance of being a top player in 5 years or so.
The whole its had tough years and theres only room for improvement argument really worked well for Bear, Lehman, etc. RBS is still owned by the government, for all you know they can dismantle it and sell it off piece by piece. There's always room for things to get way worst in RBS.
It's been a while since the guys at RBS got cash bonuses, right?
Yeah I was thinking that because so much of RBS is still owned by the government, it might be a risky place for someone to work. I would guess that might make it a little harder to attract recruits...at least until they get out from under the gov a little bit.
Except the government has to worry about public opinion, so if suddenly the Canadian citizens start calling for a dismantling of it's IB practice, then everyone is in a tough position
From the league tables on the first half of 2011, it looks like RBS was relatively strong in DCM. On most of the lists they placed in the top 10. Though they didn't place anywhere in the ECM tables.
RBS does very few M&A deals in the U.S.- that practice is only a few years old, though. ECM is also very young- not too many deals either. Most are for converts. They're a debt shop- they kill it in DCM and Loan Markets. Analysts most certainly get cash bonuses, not shabby ones either. Good S&T, particularly fixed income and MBS (they've got the old Bear desk, HUGE % of P&L for the firm).
Great place though- very nice people. I wouldn't worry about the gov't ownership. Gotta work in Stamford, however (albeit in a beautiful building)...
RBS UK is solid in M&A. Much more well-rounded/highly regarded overseas (that is in terms of deals and profitability, not so much overall being as they were the UK's Citi, but worse).
Outside of FI and DCM, RBS are a non-entity in the UK.
No bonus as a 1st year and much lower going into 2-3rd years. Remuneration much, much below the street and no positive outlook going forward. I've heard of plenty of defections both at junior and senior levels.
Source is my girlfriend: a former RBS banker.
No bonus at all for a 1st year analyst? How is that possible, must have higher turnover rate..
Above street base. They're trying to paint the picture of the responsible banker.
Know someone who'll be starting there. She loved her SA stint there. I still think it's a sub-par bank.
RBS is very far from a BB, UK or not.
RBS IBD? (Sector Corp Finance) Help!!! (Originally Posted: 12/30/2007)
Hey Guys.. Been following this forum for a while, but just recently joined up.. need some urgent advice/elaboration!
Got an RBS (Royal Bank of Scotland) interview in London coming up for a division called "Sector Corporate Finance". I originally applied to this division thinking it was IBD/M&A type.. but apparently RBS dnt do this.. they do DCM so i think it may be that.. but the website is soo vague i have no clue what the hell they actually do! can someone please tell me if they know what this division actually does!
Website says - (http://www.rbsmarkets.com/gbmgraduates/About/scf.asp)
Have a great day!
....
What the hell does this division do?
From my limited knowledge of this division, it seems as tho they advise and help finance clients
MBO's
Leveraged Acquisitions
Would i be correct in saying that?
Royal Bank of Scotland (Originally Posted: 02/24/2008)
Does anyone know about them? I know its is not on the top list, but it is a pretty big bank in Europe.
Any info would be greatly appreciated.
-) Ling
They are a good up and coming name in the U.S. and have been taking market share every year in trading. Very good for fx.
lev fin RBS is growing well still not reputable enough in the us but a good bank overall
Royal Bank of Scotland Next? (Originally Posted: 09/29/2008)
Down 32% on the day. What's the deal?
http://finance.yahoo.com/q?s=rbs
Think about the challenges facing RBS. First it's STILL in the middle of the ABN merger. With Fortis (a member of the consortium) being bailed out, there will be complications, further delays and more problems.
Secondly, UK banks are not doing so well. The UK had a very inflated mortgage market, with many "buy-to-let" mortgages not performing. HBOS has seen its stock drop precipitously until the Lloyds merger. Bradford & Bingley & Northern Rock illustrate the problems in the mortgage market.
RBS is also exposed in the leveraged loan market. They're huge in the market. That was a great thing, now investors need to evaluate the loan portfolio and assess what it really is worth.
Interbank funding pressures and strains are also a concern. LIBOR has continued to rise, 3 month LIBOR is at 3.88% despite fed funds target being 2.00%. The lack of liquidity in the interbank market will certainly affect the amount of lending and the revenues of RBS.
32% is a lot to lose in a day. But hopefully these are some reasons to why the stock has fallen.
RBS? (Originally Posted: 11/08/2009)
I have just started looking into applying, but after having read this article on RBS I am wondering whether it is still worth it?
http://www.face-time.com/http:/www.face-time.com/rbs-slow-death
Does anybody think it still worth applying to RBS? I guess I won't be making more than 39K in my first year anyway right? Any help is appreciated
RBS is dead mate, don't bother
Only if its your only choice. I would stay far away.
Why RBS? (Originally Posted: 10/03/2011)
title says it. couldnt find any good answers in a search. got a general sales analyst interview for HK office. first-round. also does anyone know if it's a rotational program? website didn't specify
uhh go do your own research man.
I think he is doing so with this very thread. Is there anything illegitimate about that considering this place is full of experts that might be able to answer his question?
The honest answer:
Because they're the only guys still hiring.
(Don't actually say that though.)
I've always wanted to serve her majesty
Tell them about your obsession of Scotland
because they pay a premium
or how much you love CT
Because they're the best in the business.
Because you love bailouts.
because you love haggis
Because they are global and you're impressed by their culture and their team-work mentality, obviously
Because you love deep fried mars bars
The State of RBS (Originally Posted: 01/04/2012)
Things are NOT looking promising. Who else (especially those in equities) is now extremely nervous?
http://www.ft.com/cms/s/0/ecf5daa4-36fc-11e1-b741-00144feabdc0.html#axz…
I think the media is making things look worse than they actually are.
Nevertheless, there's a big chance that the equity department will not hold, as this is something that RBS is quite explicit on. Whether this is a problem for anyone joining that specific department? I don't know... Could well be that another bank buys the entire equity part and that you'll soon have a new employer, but that you'll still have the same job you applied for. Remember, this could also mean that a top-tier bank expands its equity department by buying that of RBS (This is for instance how Blankfein got at GS), so in the end you could be better off.
For other product groups within I-banking, I don't think that the problems are that bad, especially at DCM. Just consider that you're joining the bank on the worst moment and that things can only get better from here. Just try not to become too pessismistic by reading stuff on the internet as reporters often have the incentive to amplify problems in order to attract readers.
^ what this guy said.
it also seems to be a general understanding that the news is aimed primarily at the mass public. and these large headlines of 10000 job cuts etc seems to be a PR exercise just to "show the public that the bankers are paying for their sins". Well I hope atleast...
anyone have any insight? any contacts within RBS GBM? what is the mood like there?
Still there have been suggestions that the businesses will in fact close, rather me sold? Is it possible that these businesses actually have no value at all? I'm highly dubious of that. would new grads be up for a redundancy package in this instance?
http://www.bloomberg.com/news/2012-01-09/rbs-said-to-plan-announcement-…
Not looking forward to D-day tomorrow. Fingers crossed!
is anyone here for london office? or all n.america?
Hmm... was nice speaking to you.
Good luck finding a new job
Life kinda sucks I guess.
Well all the best guys.
has anyone actually heard anything from rbs grad team yet?
Nothing in Asia yet.
they called me today (london). and said offer still stands and not to worry.
pm me for more details.
waiting for a monday phone call in asia. not optimistic.,
pray
They are relocating people to other countries in other roles...not grad program in Australia this year :(
so you still have the grad role- could you give any more detials? where are you being relocated to? what kind of role did you have- and what are they giving you now?
well they offered to relocate more or less anywhere, depending on what they could find. they mentioned hk, spore and london. but given there is no m&A, no ecm, no equities research, no equities sales and trading...there is not a lot of IB left. So it's looking like the debt side. they are going to get back to grads by the end of the week with some firmer options on the table, depending on indicated preferences. fyi, i had an M&A role.
could be worse dude.
chin up- lets hope they offer you something cool. any idea as to where you are planning on relocate to? spore/hk since its close to aus? or london?
Any of you guys have news regarding the rumoured MBO of the M&A business? Currently have a MergerMarket alert on RBS, but nothing new on that subject during last week...
Anyway, friend of mine (2nd year analyst IBD) says that there's going to be more info this Friday.
id choose london over the asian places any day of the week, given all else the same. here's hoping for an MBO then! maybe they will still want the grads? id go with them for sure.
any word about MBO or "new info" for grads?
guys, isnt the MBO for Europe only? Doubt that the APAC side (incl Aust) can pull that off.
Well all of you above were clearly too optimistic. They sacked us all last night, 0 working days before we were due to begin
Could you provide us with a little more info (source, location, departments)? Thanks
More details please
Australia. All divisions as far as I know
RBS - Give some advice to a noob (Originally Posted: 11/26/2012)
I'm looking for some honest advice regarding RBS.
Some background on me - I am from the UK. I am not at a target, so big tiers are out the question, networking isn't like the US where you can get interviews. I do however have some experience in IB and have one final round interview lined up for a bulge (think Baml, Citi, CS, Nomura) in America though a contact as well as a one final round interview in an industry specific bank. All for SA.
I have progressed quite far in RBS's UK system (testing, assessment centres etc) Would anyone like to offer their opinion on RBS International Banking in the UK?
In terms of experience, prestige, best group, pay, exit ops, etc?
The culture is great and I have really liked the people I have met from there so far.
No doubt I'll get flamed for not starting a topic about the big names. Might be the only post on here that doesn't mention Goldman as well lol.
Thank you, I really appreciate it.
Take what you can get buddy.
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