RBC Capital Markets spent the last five years pushing to become a top 10 U.S. investment bank, mostly by focusing on mid-sized companies. Now it wants to go after bigger fish.
Bloomberg News reports that the Royal Bank of Canada unit is targeting more American firms with market values exceeding $5bn as it seeks to win business and steal market share from larger Wall Street rivals. The bank is aiming for a 5% to 10% annual increase in clients and corporate loans.
'We’re not going to leave our mid-market roots, but we do think we can stretch up and service the large-cap clients very effectively', Blair Fleming, head of RBC Capital Markets in the U.S., said in a July 21 interview in New York. 'We’ll strive to continue to build our market share'.
RBC set a goal in 2010 of cracking the upper echelons of U.S. investment banking, hiring star bankers and expanding its ambitions in the aftermath of the financial crisis.
To access the complete Bloomberg News article hit the link below: