RBC Capital Markets is emerging as an extravagant payer

11 March 2011

2 minute read

RBC Capital Markets is emerging as an extravagant payer

Last time we wrote about pay at RBC Capital Markets we were assailed by people saying they don't pay very generously.

This may no longer be the case.

According to various headhunters, RBC is now paying, "outrageously well," and is willing to offer both guarantees and a significant (40%) uplift on existing pay packages in order to attract people. Such is its benevolence that CityAm recently described as the, 'Manchester City' of banks.

In some circles, the appointment of Ian Pearce as a new head of European credit trading last month is taken as proof that RBC is paying guarantees at the very least. Pearce left UBS in November and his departure so close to bonus time without some assurance of getting paid for 2010 seems unlikely (RBC didn't respond to a request to comment on Pearce's appointment.)

And it's hiring

Most excitingly of all, however, RBC is still doing a lot of recruiting.

Last year, it amassed 530 new people for its capital markets between January and June alone (140 of whom were in Europe). This year it's supposed to be building its equities business, but headhunters say it's still hiring in credit too.

"Arguably, the real story is that when most investment banks are pulling back from hiring, they're the one bank still aggressively adding headcount," says one.

RBC is currently advertising 176 capital markets vacancies globally, of which only 7 are in the UK. They include: three researchers, an analyst in leveraged finance, an associate (IB), an associate in DCM and some technologists and people to develop electronic trading.

This week, it revealed the recruitment of asenior quantitative strategist, formerly of Standard Chartered.

Money isn't everything

People lured by the (alleged) money may want to heed a note of caution, however.

Last December, Moody's downgraded RBC from AAA to AA1 due to concerns about its increased capital markets exposure.

Headhunters say some candidates are cautious that any further downgrades could lead the bank to reconsider its commitment to building in the area.

Paying over the odds may therefore be a corollary of the need to reassure potential employees that this isn't an issue.

AUTHORSarah Butcher

Global Editor

An
Anonymous
14 March 2011
RBC is still a rather drachonian place. <ostly a lot of credit traders and other front office people have left.
It may have some sort of Rates business but on the credit side in London lacks plenty.
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Bo
Bonds
12 March 2011
"In my opinion, RBC is a no-name institution. Going there could damage your career."
There's more to the world than G4 currencies.
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Lo
Lobster
11 March 2011
"RBC is a no-name institution. Accepting a job there is going to do great damage to anybody's career. It's almost like the Canadian equivalent of RBS."
Obviously coming from a "Yankee"
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dj
djm
11 March 2011
I guess yankee would rather work at a big name bulge bracket wall street bank like lehman or bear
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Th
The Hun
11 March 2011
I do not work for them on any searches but disagree with Yankee...RBC CM is a good enviroment to work in, you can make v good money - they have pretty good management and when committed ie look at the GBP franchise, are competitive.
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