With Jefferies Toronto announcing they poached pretty much all of Barclays Toronto's senior staff (5 MDs including Head of Barclays Canada, the Head of M&A, and the head of Diversified), is Barclays Toronto done for? What happens to the juniors?
I dont see how they recover from this, especially given all the other departures across Barclays' US IBD franchise and the negative reaction to Cathal Deasy's appointment to co-head of IBD.
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Short term chaos but unlikely to have any long term existential impact as you suggest. Barclays has been in Canada for 100 years, one of our prime ministers worked there. They are not going to shut it down just because 5 bankers left in 2023.
There will be a flood of (both currently employed and recently unemployed) senior folks at the Canadian banks chomping at the bit to waltz into coverage at one of the (historically) strongest global franchises in Canada. Look what happened last time - old leader leaves and they bring Bruce (and Michael W) over from RBC. The virtuous cycle will continue…
What’s less well appreciated is how JEF goes from literally 0 to one of the strongest non-Big 6 players in the county overnight
What’s funny is that Barclays just announced they are replacing Bruce R with Geoff Belsher, who was head of Barclays/Lehman Canada in 2009 before Bruce took over.
I think Geoff is a downgrade from Bruce because he’s been out of the game for so long (since 2015?). It will also be difficult to replace the bench production of the 4 other MDs lost, but we shall see who they hire
Did Paul Knight also leave Barclays?
There was another Globe article that published. Besides losing the CEO who apparently was a big relationship guy, seems like they lost group heads of coverage (DIG, FIG), M&A, ECM, and research analysts to Jefferies. Their Calgary Energy head is retiring as well. It looks like they only have Mining coverage left, and maybe more juniors and mid levels will join Jeff. Going to be a tough rebuild. Quite stunning to see CS and Barclays Canada fading in relevance so suddenly.
aren't many CS Toronto ppl still here? I still see MDs ad Ds showing up at CS Toronto on Linkedin
No, CS Toronto is a shell of its former self which is sad because it used to be a great franchise
I believe they are down to one IBD MD (who is relatively junior) and one Director, maybe 1-2 VPs. The rest left or were let go over the past 6 months and probably haven't updated their linkedin yet…
I heard they hired Sage Kelly to lead coverage, should be an interesting few years for the Blue Eagle!
https://www.vanityfair.com/news/2016/03/banker-sage-kelly-returns-to-wa…
This guy? In Toronto?
On another note - anyone has info on what comp will be for Associates at Jefferies? Got a recruiter inbound.
Also curious about interview process.
Will appreciate any insights.
Anyone heard back from recruiters re: Analyst/Associate roles at Jefferies in TO? After reading the globe article for the third time I waltzed over to LinkedIn to see if they'd hired anyone beyond the 5 mentioned in the article. Sure enough, it appears one former INVESTMENT BANKER from Left Lane Associates has joined the Jefferies team. Surely this must be a joke.
Jefferies Canada on their way to the top of the league tables in Brampton trucking roll-ups
Got a msg from a recruiter two weeks ago. I responded, followed up but they ghosted me lmao
Which recruiter do they use?
offers were sent last night
Yeah I didn't get one
do you know if this includes new grad ‘24?
Hey was wondering if you could add color on how long the turn around was from final interview to offers?
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