We’ve written before about the growing popularity of cycling among male bankers who want to nudge the pain barrier, network with like-minded individuals, and raise money for charity whilst dressed in Lycra. Today this trend is reconfirmed.
Roads in the City of London were reportedly brought to a standstill this morning as senior RBC Capital Markets bankers set out to raise money for Great Ormond Street Hospital by cycling the 400 miles from London to Paris in three days. We’re told that the cyclists number many of RBC’s most senior people in London, including Dave Thomas, CEO of RBC’s Capital Markets in Europe, Dave Cole, head of the corporate banking business in Europe and Australia, Mark Sartori, head of European equities, and Richard Sheldon (seemingly European head of compliance). RBC insiders tell us several of the bank’s clients are also embarking upon the ride.
In the circumstances, attiring yourself in Lycra shorts and pedaling to Paris looks like an excellent career move if you want to get in with the top people at RBC. Accordingly, several of the bank’s more junior staff also seem to be participating. They include Tom Forrow and Ben Alderson, both associates on the investment banking team.
City workers say cycling is displacing golf as the new medium in which to network. It’s much cheaper, and less competitive, than golf days and you also get a chance to speak to everyone, so it’s a much more effective networking tool,” said Clive O’Connell, a reinsurance lawyer at Goldberg Segalla.