I am a fourth year student currently attending university. Being a native Canadian, I would like to return to Canada in an investment banking capacity. Ideally, I would like to join a global investment bank. However, with the recent melt down in the markets, I am concerned about the long-term viability of BB franchises in Canada. Any thoughts??????????
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Canada is a G8 economy. Investment banks will always be viable here...read the paper more. Sure, all the banks have taken hits, but that's it. Nobody's going bankrupt or drastically scaling back their operations. Really, it's a strange post to be worried about the need for financial institutions in one of the world's largest economies.
The first reply is a ridiculous comment -- the person who posted the question was not asking about the viability of financial institutions in Canada.
When looking at the foreign investment banks specifically, it would not be unreasonable to expect scalebacks. The bread and butter of these firms is high-margin, cross-border M&A involving large-cap and blue-chip corporates. Leading M&A bankers, lawyers and private equity professionals are expecting dealflow in $1bn+ area to sharply decline, with a return to staple domestic mid-market deals, which isn't exactly GS, MS & Co.'s cup of tea. I wouldn't be surprised if there will be scalebacks, especially after BofA Toronto fired all their bankers.
Still a lot of deals going on in Canada especially in the mining sector, with increased activities in cross border deals with China. I agree with Brisbane, I think you'll be just fine. Focus on landing a job with a larger bank.
anyone know what the situation is like at the boutiques, particularly canaccord?
Awhile back I had heard some really good stuff about Canaccord in the US. I think their US operations are run from Boston, and their website shows they have offices in NY, San Fran, etc. I would be interested in hearing more about them.
BofA has consistently been one of the weakest US banks in Toronto...even during the M&A boom. I wouldn't take that as a major indicator. However, I'd expect hiring reductions across the board. A few of the offices have been growing past the standard 10-15 banker model for Canadian satellite offices. Merrill has always had the most significant presence. It will be interesting to see how they react given the massive hits their balance sheet has taken.
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