Do you know if the NYC office is known for anything in particular? I know there are at least US/CAD equities, FX, options, and commodities there.

I am seriously interested in the bank because the people seem really awesome, and my only reservation is what I will get out of the experience of working there.

I mentioned CAD fx because that's the only specific thing I have heard anyone mention about them.

 
Best Response

BMO split up their ops in the USA with: commodities - it ties into their Equity derivatives unit; and then FX with IR der's and others (FI options, treasurys, mortgage orig, trade finance). IBD is a whole other category, but thats only NYC with a really small shop in houston (i believe they deal with the energy sector though that is just an assumption). So for NYC, while i dont know of their particular focus on which sector of equities they deal with (or, because knowing what it was a few years back would be 'stale' info), it would be safe to say they deal with US equities (since toronto and cal will handle CAD equities) and also the main support roles for their Asian operations (Guangzhou is actually a bigger market for them than HK). A final note on NYC office, real estate is (still) big for the top BBs, and in BMOs case, their main goal is US expansion so RMBS and CMBS are some products they deal with as well.

The bank is indeed awesome, and as poster above me suggested, they are a perfect example of a non-bloated global (or, soon to be at least) bank. Hard to get into but if you do you work your ass off whether it be the T.O, NYC, or London office.

 

BMO does all their commodity trading out of the NYC office. They have sales staff in all the other major hubs (chicago, Toronto, Calgary, Hourston etc) but all the traders are in NYC.

FX trading is all done out of Toronto but they have sales staff in NY, with equities split (US in NY, CDN in TO). The Toronto trade floor is much bigger than the NY one. Think Fixed Income is mainly in TO, but not sure about the US operations.

IB is split between Chi/NY for US accounts.

Good ppl from what I've seen.

 

From what I've read, it sounds like they're trying to grow their sales and trading business. They recently became the first Canadian banks to allow their clients in North America to complete transactions in Yuan:

http://www.bmocm.com/aboutus/news/detail/default.aspx?id=21415

There's also speculation that their parent (BMO Financial) will apply for primary dealer status with the Fed. As far as equities go, I read that they expanded their sales force, hiring seniors sales people from JPM, UBS, Barcap. The same can be said for their high-yield business. From what I've heard, it sounds like they're trying to grow their trading business. This article from investment dealers digest covers their expansion pretty well:

http://www.bmocm.com/aboutus/news/detail/default.aspx?id=21545

 

Some Canadian banks send rejection emails, others do not. More than likely you were not successful. Occasionally, a bank MAY contact more first round rejects if they are not happy with the final round people. I hate to break it to you, but don't hold your breath.

-philly g
 

Did a stint in the Chicago office and it was pretty laid back, collegial. Can't comment on the NYC office. Obviously depends on group though.

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
 

I was a SA at FBR and I like the culture alot! it was actually the company that solidified my interest in banking.

You give me a gift? *BAM* Thank you note! You invite me somewhere? *POW* RSVP! You do me a favor? *WHAM* Favor returned! Do not test my politeness.
 

i meant which group specifically.. i've heard good things about their mining group - being able to land gigs in BB and some PE shops. not too sure about b school apps, but i'm sure once you're able to leverage into BB, it's much easier to go from there.

 

The people I spoke with in Chicago said analysts place into MM PE from there (this was in an interview, so take that for what it's worth). I know a lot of senior guys are alums from Booth, so I am sure they place quite well into U of Chicago. It seems that almost all analysts get a 3rd year offer and much more than at a BB get the A to A promotion.

 

I know someone who is going to be an summer banking analyst there. At my school they recruit for this winter shadow program which occurred in January. I think it is a 3 day program at their Chicago office. Following that some of the people in the shadow program were invited to interview for the summer analyst position. I am not sure what the interview process is like though.

 

I spoke with them during associate IBD recruiting. They all seemed like pretty nice people for the most part, but there were a couple of guys who didn't seem too sharp. You are definitely middle market, in fact when I spoke with other middle market firms they implied that BMO was more of a boutique firm.

 

not trying to be a dick but probably. stay optimistic though i've had interviews where it was like 2-3 days in advance and they flew everyone out there. for a big oil company though so idk.

 

I heard there wasn't going to be any/much of a program this year, but to my surprise they contacted me and went through the technical test back in August. Unfortunately that was the end of the road for me as they said it was very competitive this year which to me seems like they decided to do it but most likely less spots than normal. I know they were doing interviews within days of the test.

Were you going for the CDN or US position?

“Be first, be smarter, or cheat!”
 

I was going for a Canadian position. I got my app in through a colleague at one of my past internships at a large corporate. So my interview came purely through connections. I guess just a tough year... I'll keep my head up though. If I can't get in this year (my grad year) is there any hope breaking in next year? off-season is rare for S&T I heard.

 

There's always hope, just depends on the mkt conditions, company requirements, etc. It is quite rare for off-season postings at CDN BB banks. Good luck though, hopefully they are just slow to get back to you.

“Be first, be smarter, or cheat!”
 

I interviewed with them (Houston), and they seem to be trying to compete in I-Banking more. They apparently have a strong corporate banking/lending business, but they are trying to break into the M&A business more by using their lending relationship to get deals. They hired a few people from the BBs, but they are still not a strong player in I-banking. From what they told me, the hours are not quite as bad as BB, but this is usually not a good sign (in my opinion).

This information is what I inferred or was directly told in info sessions or interviews with BMO.

 

I got the same impression. They've hired alot of people from BB's and are moving up. They're positioning themselves just above other MM's and just below BB's. They're getting a stronger precense, but nothing spectacular.

 

Oh, and about the WSO guide, yes, that should be sufficient for all interviews -- if you understand the questions/answers in that guide, you can answer stuff that is not in there as well. Focus on experience related technicals, as those are the most likely. Really though, if you know the fundamentals, I would get your soft stuff down -- why BMO, etc. That is how you distinguish yourself, the technicals to me seem like a hurdle, very similar to GPA, work on convincing them that you:

a: want to do banking/know what it is b: you are pleasant to be around c: you are smart, in no particular order.

Obviously have a compelling story that is linear, concise and natural. I always made a list of questions, both fit and technical, that I might get as well a wrote down the names of contact at the bank so I could be prepared to answers the who have you spoken with question. Have a list of good questions also, those are another way to stand out from the sea of 3.5/6 guys with IB/PE/Accounting internships.

FYI: BMO is all about culture, every bank seems to have something that they like to say makes them different and culture is a big one at BMO, also they are growing a lot.

Hope this helps.

fdba Emory Blaine and BBA or otherwise trying to find the perfect pseudonym.
 

Non qui voluptas aut necessitatibus sit. Quae voluptas est pariatur. Nisi nobis possimus eius eveniet delectus voluptas quasi quos. Id voluptas quis hic. Maiores rerum iure ut quo ex numquam et.

Aut iusto dolorem suscipit vero aut quo perspiciatis. Autem laboriosam voluptatum enim dolores dolore itaque. Iste necessitatibus aut inventore occaecati maxime.

Et ratione est aut temporibus hic et nemo. Vel quibusdam molestiae excepturi sed. Enim vero voluptatem et dolorem qui. Ea sed possimus illum sed qui optio fugiat molestiae.

 

Tempora voluptas ipsum hic et. Qui reprehenderit cum aut impedit laborum. Porro rerum dolorem ut consequatur incidunt est nam. Dolorum earum minus eligendi quia aut mollitia iure.

Consequatur omnis voluptas illum reiciendis fuga voluptas. Magni debitis recusandae alias facere veritatis accusantium.

Voluptatem animi doloremque quaerat reiciendis consequuntur natus et. At sed ab quod. Hic ducimus odit officia consequuntur voluptate. Voluptates quaerat aliquid est maiores recusandae omnis consequuntur unde.

Laboriosam laudantium sed sed aliquid. Qui quos est qui pariatur laudantium deleniti et.

 

Aut est aperiam deleniti et molestias qui. Iure consequuntur quam quidem. Libero error omnis placeat dolor non. Eos sit qui et ipsam maiores quo harum.

Provident eum quae id labore dolorum nihil. Cum eos fugiat ab quia fuga animi. Qui ut illo ullam atque sint sit. Sed fuga exercitationem sunt veritatis maiores magnam.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
CompBanker's picture
CompBanker
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
DrApeman's picture
DrApeman
98.9
9
kanon's picture
kanon
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”