BMO middle market update
Can anyone help to share any insights on the group in terms of deal flow, comps, and culture? Thanks in advance.
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Im not in mm but am at bmo and know people there… very strong deal flow compared to broader bank (albeit smaller txn size).
BMO has a separate MM team? They’re a MM bank for most coverage groups
MM in Canada = smaller deals than what is considered MM in the US Edit: love receiving MS from Canadian middle market bankers
The bank is considered "MM" in most WSO rankings but generally we do larger transactions than you probably think.. average txn size is like $1bn over past few years for cap markets… we have a separate MM team that works on smaller cap deals — this is all for U.S. btw
I was at BMO's top group in NYC up until a couple months ago when I left for something much better.
Towards the latter part of my tenure there, they were just starting to roll out that MM piece of the business and if I recall, it was just made up of two guys in Chicago - one was hired from a different bank to head the group, and one joined from the LevFin practice as a director.
I would advise anyone against joining BMO in general as it is a very terrible firm from a culture, compensation, education/experience, and moral perspective. Please avoid this bank if you can.
Good points. I would also add that bmo is a very racist organization from what I gather. Know quite a lot of diverse people (black) that used to work there and lateraled. They're doing much better now at competitors. Seems the firm has a very racist compensation package. I had a friend tell me he/she (for the individual's anonymity) got paid ~$5,000 in e-o-y bonus. Another told me ~$10,000. WTF? I've heard stories about Staffers going out of their way to push black employees out and privately gaslighting them to leave the industry. I'm not even kidding about this. Don't know how true this is but if not one, not two, and not three people but more tell me their recurring stories separately with the same firm, I'm willing to believe them. Wouldn't touch that shitshow with a ten-foot poll. I'm tapped in with damn near every bb & mm firm on the street and I definitely hear a lot more bs coming out of bmo from my connections than I do any other. Seems to be a rotten culture from the head down.
Dude…you’re in college
Not quite right about the MM group. It’s 50+ heads primarily in Seattle and Minneapolis, with some others scattered in Chicago, Dallas, and others.
The group is run a bit more independently than the rest of Capital Markets, and feels more boutique-y. Deal flow is generally strong and good culture.
Not a good sign if Minneapolis is still one of the primary cities given most of the good bankers left.
Could you pm me?
I’m an incoming SA can I PM you a few questions?
Tons of turnover, particularly at the MD level. Top talent continues to leave b/c BMO's comp is really poor comparatively to other MMs.
How is it poor? At the analyst level it seems street? Base 110 plus 50k bonus. Is it bad at the MD level
Yes, bonuses historically have been well below street for VP - MD
They just lifted out two MDs from Key Bank
Poach of the century for BMO?
U seem to have a full vandetta on bmo after seeing their AS3 comp was 500k.. salty?
Group is close to 60 bankers now, most are in Seattle and Minneapolis with smaller offices in Chicago, Dallas, and DC. The MM group is both product and coverage, primarily M&A focused on consumer and industrials (including a large successful railroad practice). Deals are sourced from all over the US and even cross-border deals with North America and Europe. Size will range from $75M to $750M, with the core around $250M. Business is booming for the group and they are just finishing up another record year of ~30ish deals (one highlight is the sale of Panam Rail). High volume is a result of most deals being sourced by the lending team which means very little pitching for the MM M&A group. Comp is standard with the rest of BMO IBD (base: 110 A1, 125 A2). Culture is phenomenal, with some of the best hours in banking and a very collegial group. Highly recommend for all bankers looking for a strong, growing team with an amazing culture.
How do interns get this info. Not saying it's false
Also no offense, but this is super salesy. Not sure how credible.
I hear ya - not an intern, just never changed my profile. I also worked in the group. Regarding my salesy tone, I’m genuinely a big fan of the group and think it’s a fantastic place to work.
JFC, this is quite the inaccurate post, BMO homer. Much of the MPLS is a shell of what it was a few years back and rainmaker rail banker is no longer at the firm. The consumer team is a bunch of guys that couldn't hack it at MMs.
There are at least four significantly better IBs in the Twin Cities alone.
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