Global Banks Outlook 2025: Bigger dividends, more stock buybacks

When headlines can tilt the capital markets from one day to the next, how can issuers, corporates, sponsors and investors stay on course? In this episode of Strategic Alternatives, RBC experts analyze capital raising opportunities for 2025 amid geopolitical uncertainty. Vito Sperduto, Head of RBC Capital Markets, U.S., is joined Rob McCormack, Global Head, Dept Capital Markets; Nitin Babbar, Global Head, Equity Capital Markets; and John Cokinos, Global Head of Leveraged Finance and Capital Markets.

2025 is set to be one of the most volatile geopolitical years in many of our lifetimes. The overwhelming uncertainty is causing “analysis paralysis” for decision-makers, slowing large-scale investment and hiring decisions, as companies try to get clarity on what matters and what doesn't. At RBC Capital Markets’ Global Financial Institutions Conference, RBC Chief Economist Frances Donald spoke to Helima Croft, Head of Global Commodity Strategy and MENA Research, and Fred Kempe, President and CEO of the Atlantic Council, about the top risks and potential outcomes on global trade and tariffs, implications for energy markets, Russia-Ukraine negotiations, intervention in the Middle East, and more.

Banks enjoyed strong earnings and wielded big balance sheets in 2024, but can the momentum last another year? The answer is yes, at least in the U.S. market, according to the experts in RBC Capital Markets’ global banks outlook. Gerard Cassidy, Global Co-Head of Financials Research and Head of US Bank Strategy, and Anke Reingen, Global Co-Head of Financials Research and European Banks, join host Peter Dawkins, Vice President, European Equity Research, to explore the economic and regulatory tailwinds, and the potential pitfalls, in this episode of Strategic Alternatives.

The global energy transition may be buffeted by political winds, but its progress is unstoppable. With new data revealing investment soared past $2 trillion in 2024, how can innovative companies position themselves for a piece of the pie this year? Ralph Ibendahl, Global Head of Energy Transition Banking, offers his latest insights on the next stage of energy transition in conversation with Trevor Gardner, Head of Global Banking Coverage.

The ABS market has evolved, expanding into new and non-traditional asset classes while attracting a broader investor base. Which sectors are driving this growth, and how might U.S. policy shifts shape the market’s trajectory? ABS specialists Sofia Shields and Nick Rogers share their insights in this episode of Strategic Alternatives.

Sponsor-backed deals are recovering steadily rather than spectacularly, but 2025 offers strong signs for cross-border activity in particular. In this episode of Strategic Alternatives, RBC Capital Markets’ Co-Heads of Global Financial Sponsor Coverage – Harold Varah, Graham Tufts and Ram Amarnath – assess the trends and opportunities for the year ahead.

After tariffs were delayed, RBC’s Chief Economist Frances Donald spoke with Ram Amarnath, Co-Head of Global Financial Sponsors and Head of Canadian Diversified Industries at RBC Capital Markets, about the potential impact of 25% tariffs on the Canadian economy and what corporations, investors and policymakers in Canada and the U.S. need to think about in the weeks and months ahead.

In this episode, Lori Calvasina, Head of US Equity Strategy, is joined by two of her macro partners at RBC Capital Markets, Head of US Rates Strategy, Blake Gwinn, and Equity Derivative Strategist Amy Wu Silverman. With 2024 winding down, all of their outlook reports out, and too many December investor meetings behind them to even count, these three thought leaders at RBC Capital Markets came together to discuss their thoughts on the equity market, the bond market, and volatility in the year ahead. The conversation took place on December 19th, 2024.

Recession looks avoidable for Europe in 2025, but significant growth is still elusive. This episode of RBC Capital Market’s Strategic Alternatives considers the prospects, weighing political volatility in the region, central banks’ rate-cutting cycles, and potential U.S. interventions. What does all this mean for investors? Janet Wilkinson, Head of Fixed Income & Currencies Flow Sales, EMEA, is joined by Peter Schaffrik, Chief European Macro Strategist, and Cathal Kennedy, Senior U.K. Economist.

Australia’s hopes for some strengthening in growth in 2025 rest on a pickup in household spending to support the public demand currently underpinning the economy. Meanwhile, housing, immigration, and inflation pose interlinked challenges – with geopolitical risks on the horizon. Chief Economist, Su-Lin Ong, and Macro Rates Strategist, Rob Thompson, join Rod Ireland, Head of Global Markets, APAC, to assess the prospects in this episode of RBC Capital Markets’ Strategic Alternatives podcast.