How is the Canadian investment banking environment today? How are the boutiques doing? Have any banks changed from their previous reputation? And any bank that is punching above their weight? I'd like to know as an undergrad interested in investment banking, it seems there's a been a shift in culture at a few places, wondering if you guys are seeing anything.
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Canadian Banking:
Canadian capital markets are doing quite well this year. Equity has been really hot this year fueled on the back of high valuations and the Trump administration. The major players in Canada are still as always, the Big 5 Canadian banks. RBC is #1, with TD and BMO on par with each other tied at 2nd. Although Scotia is larger than CIBC, Scotia has seen a lack of deal flow within the past year or so and aren't doing well on the league tables. Almost all the BBs are here in satellite offices, with some of the EBs starting to make a bigger presence, such as Lazard Toronto. As for regional boutiques, what's notable are INFOR, Cormark, Paradigm, Origin Merchant and Beacon.
Not sure what you mean by shifting culture; things have been relatively inline with our US peers. The only somewhat major change is just an ongoing shift in implementing policies that better the lifestyle for junior bankers. However, just like in the US, these polices are not always followed.
As an undergrad, your goal should be to gun towards one of the 5 Canadians, a BB or EB
What? Do you even follow the markets?
Moody's downgraded all 6 of the big Canadian banks last week, citing household debt, liquidity risks, housing bubble, etc.
http://www.zerohedge.com/news/2017-05-10/moodys-slashes-ratings-6-canad…
You two are discussing completely different things....
Goosebanker is right in the sense that the equity markets are looking a lot better this year than Q1 of 2016, especially for IPOs. Arguments for both sides when it comes to M&A in Canada. Strong corporate balance sheets and access to cheap financing should drive M&A activity, but I would expect to see a lot more cross-border transactions from China and the US due to the low CAD, instability of the Chinese economy, and abundance of capital in both nations.
However, all of this is dependent on the outcome of NAFTA negotiations and Trudeau's plans with China. At the same time, you see Canadian financials looking to expand outside of its borders, i.e. CIBC's acquisition of PrivateBanCorp, RBC's plans on building upon their US capital markets practice and the pension funds looking to buy assets overseas. Bottom line is that money is cheap today, and its getting harder and harder to achieve returns because there's more players fighting for the same piece of pie.
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