Royal Bank of Canada set a goal nine years ago to become a Top 10 investment bank in the U.S. — but cracking Wall Street’s upper echelons for advising on takeovers had proved elusive. Until now.
RBC Capital Markets in 2010 targeted a Top 10 U.S. ranking within three years. It expanded New York operations by hiring star bankers, and boosted lending to win bigger clients. While the efforts paid off years ago in equity financings and debt deals, the Top 10 for M&A remained out of reach. “We feel like we’re gaining greater traction working on larger deals,” said Stopnik, 47. “A lot of it has to do with the hires and investments we’ve made over the years.”
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