BMO Coverage?

Based on the most helpful WSO content, here's what you need to know about BMO's coverage groups, particularly in NYC:

1. Deal Flow and Coverage: BMO's deal flow in coverage groups is described as decent, with LevFin being a standout area and considered the "bread and butter" of the firm. However, the Metals & Mining group has faced challenges due to the loss of key MDs, which impacted their revenue significantly. Other coverage groups seem to be in better shape, but overall, deal flow can vary by group.

2. Culture: The culture at BMO is mixed and highly dependent on the group. Some groups, like Metals & Mining, have been described as having a "sweatshop culture," while others are more manageable. Morale has been noted as low in some areas, with many juniors reportedly looking for opportunities elsewhere. Issues like unrealistic goals, declining culture, and poor management have been highlighted.

3. Compensation: Compensation at BMO has been criticized for being below street level, with bonuses lacking transparency and consistency. This has been a recurring concern among employees.

4. Exits: Exit opportunities from BMO are not as strong as those from top-tier banks. While some groups may provide decent exits, the overall sentiment suggests that BMO is not a top choice for those aiming for elite private equity or hedge fund roles.

In summary, while BMO has some strengths in specific areas like LevFin, the overall experience in NYC coverage groups seems to be a mixed bag, with concerns about culture, compensation, and morale being significant factors to consider.

Sources: State of BMO in 2020, BAML IB Groups (NYC), BMO 2024 Diversity Scholarship Thread, Citibank in Calgary?