BB vs Cdn Bank in Calgary
I've just finished up a SA at a cdn bank in Calgary and received an FT offer (plus an extended internship over my final school year at the same bank). However, my MD said he doesn't mind my interviewing at other banks for FT as he wants his employees to want to work there and keep the talent within the bank (0 reason to be suspicious of his intentions; I can honestly say he is one of the most genuine people I've ever met).
So with all the BBs opening offices in Calgary, are there any reasons to take one over a Canadian bank? I don't care about prestige but I do care that I get a good experience (Ideally, I'd like to stay in the energy).
The offer will definitely make you a more attractive candidate.
I work in ER and don't know much about the new BB offices here but I think the difference comes down to deal flow. BBs are elephant hunting so expect a ton of pitching, while the Canadian banks will likely see the whole range (smaller financings to the same huge deals the BBs are looking for).
Honestly, I'd rather be at a Big 4/5 bank in Canada than at a BB's regional office, unless it comes down to CIBC vs. Barclays in Calgary. Just my $0.02.
Analystforhire, why CIBC vs. Barclays? TD had a pretty big lead over everyone else in M&A deal flow last year (their Oil Sands group in particular) and the other Big 4 are pretty much equal to each other.
Also I've heard people talk up Barclays Calgary on this board before. Why? I haven't seen them do anything besides the $5bn Encana/PetroChina Cutbank Ridge JV which fell through. From what I hear from people in Calgary, MS and BAML have done way more and they execute out of Calgary. I'm not saying you're wrong, just curious.
I took CIBC as an example because vs BMO/RBC/TD, CIBC has a disproportionately weaker presence in Calgary I believe, whereas BarCap, for a US BB, has a significantly disproportionately stronger presence.
To be honest, working at a BB in Canada offers two main things over the Canadian banks: 1) Wider range of exit opportunities due to the brand name (buyside, top business schools etc) and 2) Global mobility
If you don't care about prestige, and you want to stay in energy in Calgary, working for a Canadian dealer is perfectly fine. You'll be a lot more active, and you'll get a wider range of deals under your belt, which is always a good thing. As someone already mentioned, the BB's only chase the biggest mandates, and only a few of those come a year. At the Canadian shops, you'll work on everything from a $100M secondary offering to a $1bn+ A&D
Also - CIBC poached Mark Horsfall back in Feb from MS to lead its energy group, which was a pretty big hire for CIBC. I wouldn't write them off.
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