IB banking analyst positions, any out there?
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Interested as well.
Would you consider going to any of the MM's or boutiques in Toronto? There doesn't seem to be many analyst jobs posted anywhere.
Theres a couple investment banking analyst positions. One is Toronto and the other one is Calgary.
http://careers2.hiredesk.net/viewjobs/JobDetail.asp?Comp=Dundee&PROJ_ID={1C211168-DAFC-4039-856D-AD7AAA854D0C}&LAN=en-US
http://careers.bankofamerica.com/JobDetails.aspx?SearchPage=ASP&Country…
In terms of the investment banking jobs in Canada. The big 6 and the BB tend to hire quite lean. You are right in saying that most of these jobs you will here about will be mainly through word to mouth.
The American BB's have been expanding because of increasing investment banking activity. In your post it says that you want to work in Toronto, however have you thought about Calgary?
A lot of the m&A deals are coming from oil and gas companies in Alberta. Also there seems to be quite of hiring going on here to. I am not to sure about the BB's in Toronto, but if you have any questions about them in Calgary I may be able to help.
Hi Jimz, thanks for your response. Know much about Dundee in the IB space?
I have thought about Calgary, and recently a recruiter was looking for a spot for a good bank, but I am a bit hesitant because I don't have any family or friend ties to Calgary. Once upon a time I worked in US for a bank (in S&T - but worked banker hrs 80-90). I made friends there because I was part of the Analyst program, but obviously didn't have time for much... If I go back to a IB firm, my hrs will be similar, if not worse - and I'm fine with that. But preferably, if and when I have free time, I would like to be in a place where I have most of my friends and family. Unfortunately, as a lateral analyst, there's probably not a lot of opportunities to meet people in a new place.
What can you tell me about the players in Calgary?
In terms of Dundee: Its a smaller place and I don't know to much about it.
For Calgary, over the last couple years investment banking/sales and trading activities have been expanding. All of the Big 6 have locations along with the U.S. BB's. The big 6 seem to pretty much dominate the investment banking deals along with with a couple boutiques. GMP and Canaccord are two boutiques that come into my mind that have a good presence in Calgary. I know that BAML is pretty active in Calgary. Goldman and JP morgan have been expanding but its mainly in S&T. I don't know much about the other BB's . Credit Suisse recently opened an office in Calgary.
Thanks Jimz, much appreciated. I've also seen S&T postings from GS and JPM as well, and also a position in IBD for CS posted (though, from the posting it sounds like they wanted to find someone from CS internally - either they forgot to change the body of the text when they posted externally, or it's for CS alumni to see, who knows)
Know anything about BMO in Calgary?
do either of you know if it's possible to get on a trading desk without MBA??
Yes, it's possible. All of the Canadian banks recruit from undergrad for their S&T rotational programs. A few of the BBs take on undergrads as well
For the BBs in Toronto:
BAML, CS and UBS are the largest BBs in Toronto (Generally cover TMT, Diversifieds and Metals&Mining). They execute a lot of the deals they work on, and also have research/S&T staff in Toronto. BAML is ~30 bankers, CS and UBS are ~20-25 bankers. Generally these places will only take on 2-4 anaylsts per year. BAML was looking for laterals earlier but already took on 2 laterals this year so I'm guessing they're full for now. CS and UBS don't take laterals very often.
GS Toronto is ~10 bankers MS Toronto is ~10-15 bankers JPM Toronto is small and only has has 6-7 bankers Citi Toronto closed down in 2008 during the crisis, and recently opened up shop again. Im not sure how many bankers they have, but they're currently expanding. Barclays Toronto is expanding (I think they have around 8-10 bankers in Toronto), and they have a new office in the Bay-Adelaide centre. I saw they were looking for a lateral analyst hire a couple months ago, and Im not sure if they are still looking. I'm not sure about their Toronto operations, but their Calgary IBD is legit I'm not even sure if DB Toronto is still operating, as most of their guys left to start Nomura's Toronto office.
If you're looking to lateral from a non-IB/Big4 background, your best bet would be the Canadian banks as the globals are very small and dont really take on non-IB laterals. I'd check out Vlaad & Co, as they usually have postings for lateral IB analyst positions
Hey DXX, sounds like you're really familiar with the banking front in Toronto and Canada. Do you know much about how Nomura is doing (you mentioned a lot of them were from DB) and Macquarie? I think someone at the exp'd analyst level left Nomura M&A Toronto earlier this year so I wonder if they're looking. I haven't heard much about their M&A Toronto team and how active they are...
JPM I heard was looking - but everything's been put on hold since a top guy left for BAML.
Do you mind if I PM you with a few questions?
Hey TermB,
I don't know much about BMO. A while back they were voted best World's Best for mining and metals. Last year they were on top of the mining and metal league tables. It will be a pretty solid place.
Don't mean to derail but, anyone know a bit about the opportunities in Montreal? I'm not expecting much of an answer, I realize there probably isn't much going on but still curious just in case!
Not to sure about IB, but for S&T both GMP and CIBC have equity trading floors there. You also have places like Casgrain, Desjardins, and Laurentian who do fixed income trading there.
You also Cassie depot Quebec which is a pension fund that hires a ton of grads out of university. It also has fixed income and equity traders.
BMO Calgary S&T is like 3 people.
IBD is the energy group. Metals and mining is run through Toronto. Still a good group but all of the big 5 get pretty comparable deal flow. Also, they tend to "overhire" the summers they need so the hours for SAs aren't that bad.
Some of the notable boutiques in Calgary are Peters, FirstEnergy, Dundee (although they just lost their head of IB), Canaccord Genuity, RayJay.
In addition to BB, focus on MM.
I'm kind of in a position where it doesn't make all too much sense to go after MM (especially in Canada, where good MM shops don't seem to have the same reputation as good MM shops in US - because all in all, deals are much smaller here than there). Given my work experience, it makes more sense to either 1) lateral into an experienced analyst role at a global bank or Big 6 Cdn/top boutique bank (CG, GMP, Greenhill...) or 2) build out my extracurrics, get into a good MBA program and go into a large bank via the regular recruiting cycle.
If I go with MM, I would just end up trying to lateral again, and unfortunately that will likely result in another discount in my experience and title (I have spoken to several people who moved from decent boutiques to large banks in Toronto, and many got discounted).
Termb,
The problem in TO that I found interviewing is that they don't like hiring experienced hires either at BB's or MM's. There are so few spots they would rather take an analyst straight out of university.
Inre gards to your comment about MM's here, it seems they all max out at deals in the $25-50M range, mostly private businesses, so ya the experience gained there is very limited.
I agree with part of your statement. There are few spots (agreed) but I think they do take experienced hires (laterals from other banks, auditors after they got their CA, Big 4 corp fin/transaction services/restructuring) - it's just a matter of the first part (there are few spots), and when there happens to be spots available, it's who you go up against that determines the difficulty of landing the position. Another hard part is actually knowing a position exists. Besides seeing lateral positions on Vlaadco every now and then, a lot of the open positions seem to be word-of-mouth in Toronto. So I think a lot of it is timing (which could be good or bad on one's part - depends on your luck).
Agreed on the size of MM deals - and in my role, I do work on such sized deals. While a lot of the fundamentals are the same (putting together a model) - there's a big limit on deal complexity and what parties get involved (re: different product groups, sophistication of the client and their requirements).
I've only been looking for 2 months ( i went from audit Big 4 to restructuring Big 4), but it just doesn't seem like a lot of jobs are coming open. One headhunter said June is a time where a lot of jobs should be put on the market, but so far nothings happening.
ON a different note, have you heard anything about cultures of the different banks? I hear BMO is the worst, and genuity is filled with douche bags but what about the others.
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