Royal Bank of Canada Reviews

Updated June 13, 2015
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2.0
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David I. McKay
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Pros
  • Adequate work/life balance relative to other large investment banks (in 30 reviews)

  • Diverse, inclusive, fun work environment (in 24 reviews)

Cons
  • The bank is fast paced making work/life balance tough (in 10 reviews)

  • Senior Management can be all over the place sometimes (in 11 reviews)

More Pros and Cons

61 Employee Reviews

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  1. Helpful (1)

    Very limiting

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at Royal Bank of Canada full-time

    Pros

    Typical big 5 bank atmostphere

    Cons

    Little opportunity for growth etc.

    Advice to Management

    N/A


  2. Vice President

    • Work/Life Balance
    • Culture & Values
    • Comp & Benefits
    Current Employee - Vice President in New York, NY
    Current Employee - Vice President in New York, NY

    I have been working at Royal Bank of Canada full-time

    Recommends
    Neutral Outlook
    Recommends
    Neutral Outlook

    Pros

    general relaxed environment, working hours not bad

    Cons

    system infrastructures aren't centralized and well developed


  3. Helpful (3)

    Undesirable Salaries

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Technical Systems Analyst in Minneapolis, MN
    Current Employee - Technical Systems Analyst in Minneapolis, MN

    I have been working at Royal Bank of Canada full-time (More than 5 years)

    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    Pros

    Great people, great culture. The workplace is like a family environment. The people here truly care about you and make this a comforting place to work at.

    Cons

    The salaries provided are on the extreme low end. Not a lot of room for career advancement within the company.


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  5. Helpful (4)

    Solid Place to Start Your Career

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Associate
    Current Employee - Associate

    I have been working at Royal Bank of Canada full-time (More than a year)

    Doesn't Recommend
    Positive Outlook
    No opinion of CEO
    Doesn't Recommend
    Positive Outlook
    No opinion of CEO

    Pros

    Satisfactory Reputation on the Street Adequate work/life balance relative to other large investment banks Bonus are above average as well as base salary.

    Cons

    Very toxic culture and work environment. Antiquated systems and limited investment in junior employees. Refusal to investment in real professional development. As a major investment bank that is trying to compete with other firms in terms of recruiting top talent, HR thanked our summer interns with a going away lunch of cold cuts. It was almost embarrassing to say I worked here. No real commitment to fostering an environment of collaboration or team work. Inadequate training for employees.

    Advice to Management

    Listen to employees more. Why solicit so many surveys if none of the action items are acted upon. Not every good analyst needs to be a manager. The lack of resources for analysts to associate directors ensures that RBC is just a pit stop and not a destination.


  6. Helpful (3)

    2nd tier US Investment Bank

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Equity Research Associate in New York, NY
    Former Employee - Equity Research Associate in New York, NY

    I worked at Royal Bank of Canada full-time (More than a year)

    No opinion of CEO
    No opinion of CEO

    Pros

    -Base compensation is in-line with the industry. -Equity Sales force is excellent at getting analysts in front of investors

    Cons

    -Ibankers are terrible and lack basic knowledge of their industry, at least in the sector I covered -Due to the above the firm is left out of deals with companies where research has a good relationship -Given the weakness in banking, bonus pool is subpar -Technology investment is abysmal and the lack of investment reduces the productivity of the work force. For example, I still had Excel 2003 in 2013 and my job was to model in Excel. I had clients who couldn't open my models because our software was so old. I had another client poke fun at how ancient my laptop was. Its a broker/dealer, the aim is to impress the buy side. -Small US employee pool has lead to unsatisfactory employee health care benefits

    Advice to Management

    -Ibanking is the profit driver of the business, get bankers who are worthwhile or don't bother


  7. Helpful (2)

    Poor management in NY office

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Financial Analyst in New York, NY
    Former Employee - Senior Financial Analyst in New York, NY

    I worked at Royal Bank of Canada

    Doesn't Recommend
    Approves of CEO
    Doesn't Recommend
    Approves of CEO

    Pros

    Very large, successful organization. Canadian division is a great place to work and Canadian colleagues are talented and upbeat. NY offices are in Manhattan. Pay is ok, on par with other financial institutions, better than other industries.

    Cons

    Note - this applies to NY office only! Poor senior management style and poor hiring of junior management. Very negative attitude and fear trickles down to staff. No promotions & no rewards for good performance. Over-hiring then firing demonstrates poor planning. Revolving door environment - good people leave.

    Advice to Management

    Note - this applies to NY office only! Treat staff with more respect. Nurture talents and allow people to use them. Maintain a more positive attitude and reward good performance and share in company achievements.


  8. Helpful (1)

    Rank Amateurs

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Project Manager in New York, NY
    Former Employee - Project Manager in New York, NY

    I worked at Royal Bank of Canada

    No opinion of CEO
    No opinion of CEO

    Pros

    RBC has a sound balance sheet and is growing in a down market.

    Cons

    Management (especially atthe functional and operational level) a joke. Latest strategy has resulted in a cadre of outsiders being brought in who are firing incumbents and replacing with their friends.

    Advice to Management

    Management should realize that they fell into this current growth/opportunity phase due to the financial meltdown in 2008. Had that not occurred, they would still be a mid level player in NY. Mgmt in NY is out of control, they laugh at Toronto.


  9. Helpful (1)

    Canadian Goldman Sachs is irrelevant since there is no competitiion in Canada

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in New York, NY
    Former Employee - Anonymous Employee in New York, NY

    I worked at Royal Bank of Canada

    Doesn't Recommend
    Disapproves of CEO
    Doesn't Recommend
    Disapproves of CEO

    Pros

    Compensation was okay but performance metrics always changed. Generally a user friendly work environment.

    Cons

    Canadians in senior US positions rarely understood US market. Promotions were arbitrary and had little to do with performance. Politics got in the way of common sense.

    Advice to Management

    Hire more competetent managers. Have more transparent compensation and promotion policies. Replace Canadians that don't add value in the US.


  10. Helpful (2)

    Weak management in the US

    • Work/Life Balance
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Sales in New York, NY
    Current Employee - Sales in New York, NY

    I have been working at Royal Bank of Canada

    No opinion of CEO
    No opinion of CEO

    Pros

    Not a bad place in the current environment on Wall Street

    Cons

    Weak management. Management does not effectively communicate performance measures and changes them to suit the need at bonus. Management does not effectively communicate financial details of the business but focuses on the good news of 1 or 2 good thing- not the entire picture. Feel like management is more interested in protecting their job than anything else. Very political. If you are not part of the club you can expect nothing good.

    Advice to Management

    Communicate honestly and openly. Listen to everyone and not the chosen 2-3.


  11. Helpful (1)

    Invest more our employees

    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Assistant Branch Manager in Edmonton, AB (Canada)
    Current Employee - Assistant Branch Manager in Edmonton, AB (Canada)

    I have been working at Royal Bank of Canada full-time (More than 5 years)

    Positive Outlook
    Positive Outlook

    Pros

    Job stability is solid even in recessions. If you take initiative there is lots of opportunity for career growth. You can move into many different areas until you find what you like.

    Cons

    Health benefits, pension, and compensation are falling behind. As new industries like tech are growing there company benefit packages RBC fails to improve programs. Pension matching, benefits, and new programs aren't being improved or created. There's no Christmas or staff parties.

    Advice to Management

    Time to evolve. Employees deserve and demand workplaces that supply 100% benefits that aren't employee subsidized, higher profit sharing, larger annual salary reviews. As a people company we don't treat our people well.



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