RBC bankers thought their bonuses would be good. They were not
As we reported a few days ago, it's bonus week at RBC Capital Markets and it seems that initial hopes that bonuses there might have been equal to or greater than last year's have been dashed, at least in the London investment banking team.
RBC declined to comment, but both headhunters and members of the London investment banking team say numbers are lower than anticipated.
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Some analysts are thought to have received bonuses equivalent to 20% of salaries, while associates and vice presidents are thought to have received bonuses closer to 50-60% of salaries. In a normal year, insiders say bonuses for VPs are closer to 70%-80% of fixed pay.
"The mood music was positive at a global level, but in Europe bonuses were underwhelming," says one RBC insider.
Some people did get paid. RBC spent 7% more on bonuses for this year than last year. In the Americas, bonuses appear to have been higher. In London, key teams like utilities and TMT are thought to have been rewarded, with the disappointment predictably greatest in teams where revenues were weak.
In addition to being underwhelmed on pay, it's thought that many third year associates were not promoted to VP as hoped.
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