I'm almost certain your friend is not working for RBC capital markets. He must be in the commercial bank as anything under 6 figures for an associate is unheard of these days.

 
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BMO CM Corporate Banking is housed within the IB. I have a friend over there who I think is a first year ASSOCIATE, and his base is $125k. Think he said his bonus is around 50%.

When I was still in corporate banking, i was making 80k + 45k as an analyst.

Similar to the comment above, I'd be 100% pissed if I were in CB as an associate making anything under 6-figures base as it's a to of work. Yes, culture is different from pure IB, but hours can easily hit IB hours in any given week when a live deal is in play.

EDIT: Edited comment to specify my friend is an associate, not an analyst

 

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