- Euromoney named RBC Capital Markets Canada’s Best Investment Bank 2025 and North America’s Best Bank for Research on the back of strong FY2024 execution and innovation.
- RBC CM posted C$12.0 billion in FY2024 revenue, up 9% year over year, more than double the Canadian peer average and about 40% ahead of its nearest domestic rival.
- It led major multi-product transactions including TC Energy’s ~C$14.5 billion spinoff and Coastal GasLink’s C$7.15 billion bond, alongside large equity and block-trade deals.
- Its research platform covers 1,550+ companies, ranks top across most Canadian sectors, and uses AI and alternative data to cut turnaround times by 60%+ while scaling insights.
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Euromoney’s 2025 Awards for Excellence signal that RBC Capital Markets stands not just as a domestic leader, but increasingly as a global player—grounded in its ability to deliver scale, cross-product execution, and innovation.
First, financial performance. Revenue of C$12.0 billion in FY 2024 for RBC CM puts it materially ahead of Canadian rivals—more than double the peer average and 40% higher than its closest competitor. This was driven largely by strong showings in corporate & investment banking and global markets, sectors that tend to magnify volatility but also reward well-capitalized, diversified players.
Second, deal leadership. RBC CM led in multiple high-profile transactions—largest ever corporate bond (C$7.15 billion), major spinoffs and large equity and block‐trade deals. Winning in debt capital markets (DCM), equity capital markets (ECM), M&A, and global markets simultaneously gives a broad competitive moat.
Third, research and technology. Covering over 1,550 companies globally, the bank led or ranked in leading positions in 17 of 18 sectors in Canada per Extel. Key technology investments—like the AI-assisted “QuickTakes” tool (slashing report turnaround times by 60+ %) and alternative data platforms—position RBC CM not only to sustain but to enhance client value amid rising demand for speed, predictive insights, and differentiated analysis.
Fourth, strategic oversight and risk: RBC is navigating challenges—slower U.S. capital markets activity, regulatory and trade headwinds, and elevated credit provisions. Its expansion into the U.S. (including recent leadership appointments) and Europe, and efficient deployment of capital post-HSBC Canada acquisition, are critical to diversifying risk and maintaining growth.
Strategic implications include:
- Expect continued investment in AI, digital platforms, and research content to defend and extend the research franchise.
- Greater emphasis on cross-border opportunities, particularly U.S./Europe, to offset domestic market cyclicality and trade uncertainties.
- Need for prudent capital allocation given macro risks—credit cycles, regulatory pressures, and volatile deal markets.
- RBC’s lead likely pressures peers to also invest heavily in multi-product strength and geographic reach, making competition sharper.
Open questions remain:
- How sustainable are high fee yields in DCM/ECM if global interest rates and geopolitical volatility shift?
- Will RBC’s U.S. and European expansion produce comparable returns on equity given local regulatory, competitive, and operational costs?
- How will RBC manage credit risk and regulatory capital in the face of macroeconomic headwinds (trade, inflation, rate shifts)?
- Can RBC maintain its research edge as competitors increasingly invest in AI and alternative data?
Supporting Notes
- RBC CM revenue in FY 2024 was C$12.0 billion (~US$8.7 billion), a 9% year-on-year increase.
- Revenue more than double the Canadian peer average; ~40% ahead of its closest competitor.
- Top position in Canadian M&A, debt capital markets, global markets; led equity markets with notable offerings.
- Transactions: TC Energy’s ~C$14.5 billion spinoff; Coastal GasLink’s ~C$7.15 billion bond (largest ever corporate bond in Canada); First Quantum’s C$1.5 billion offering; GFL Environmental’s US$723 million block trade.
- Research: coverage of over 1,550 companies globally; ranked #1 or #2 in 17 of 18 sectors in Canada (with #1 in 11 sectors) via Extel survey.
- AI-driven tools: “QuickTakes” cuts research report turnaround by over 60%; alternative data platform RBC Elements generates unique insights.
- Recent organizational moves: promotion of London heads for PU&I and metals & mining; U.S. and European expansion; Matthew Stopnik named global head of investment banking; Vito Sperduto heading U.S. operations.
- Domestic leverage: acquisition of HSBC Canada (~C$10-13.5 billion) boosted market share, with Canadian bank revenues benefiting from scale domestically.
- Trailing risks: in Q2 2025, RBC saw a roughly 5% income drop in capital markets due to reduced U.S. fixed income trading and diminished M&A activity.