BMO Mining fallout
Heard ~6-7 ANL - Ds got fired over the last month or so... anyone got the scoop?
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Bump
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Did they already join the new firm?
Yeah know one of the guys there - there are just too many opportunities for junior mining bankers in Toronto that pay you as much and don't kill you with work to stay long term there.
Assuming you mean at other banks?
Mining companies. No other bank is as good as BMO at mining and its a bit taboo to hop around big 5 in Toronto
This has nothing to do with why juniors were fired at BMO M&M lol
Bump
The group is infamous in Canada if not the whole industry. Don’t know what happened but I do know that group has NYC BB-level output. Anyone who comes out of there will do fine.
I heard it's not performance related - tied to a specific incident
Any more details?
harassment / bullying
I heard the whole story. It is beyond fucked. Like embarrassingly fucked beyond belief. Wouldn’t be surprised if it ends up in the Globe.
What’s the summary?
You can't tease and edge us like that
Annnnnnnnd it did lol. https://archive.is/2024.01.25-140413/https://www.theglobeandmail.com/bu…
They all go buyside? What firms? Impressive.
That group always had insane turnover. Every bonus cycle (Dec for ASO and July for ANL) will see maybe 50% of juniors leave. Also word on the street is that one of their MDs is interviewing with other firms (Jeff currently needs a head of mining for their new toronto office)
Is that normal for different bonus payouts based on level? Never heard of that before
Analyst are on a summer bonus schedule and ASO and up are on dec bonus schedule. Pretty common across the street no?
Have a friend at BMO M&M who told me it was all Analysts and Associates - nobody higher up. Was a bullying incident involving racism, homophobia and general misconduct in teams messages.
As someone who read their teams message, its actually shocking that it took them this long LMAOOO. Especially when BMO forces everyone to attend workshops on how to be nice to each other.
What was in them that was so bad?
Please, we need details
Liar - how would one person read “all their messages”
If this is even what happened, at most you were complicit in them with everyone in your own individual chats with the people in question.
I’ve heard they literally kill, butcher, and eat their analysts. smh lmao (sarcasm)
Not surprised here, guess things have not gotten better since the new head on mining took over
Hasnt this happened for like 5+ years now? the new heads have been around for a long time
Nah you have no idea. wait until the globe and mail gets ahold of this shit
Spill the beans man what happened
this comment did not age well
This whole thread has high-school-gossip-between-girls vibe building up the drama for effect.
”Omg you won’t believe what he did?” And no one actually saying what happened.
Smh.
Yeah total cringe. Either tell story or stfu
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Not surprising considering who the head of that group is
Nice. So you’re saying there should be some open seats in the coming weeks
yah hopefully you got a shot if you're recruiting for group head
You gotta be a desperate fuck to wanna work there after all this
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3+ year old account and this is your only comment. Says a lot about the build-up of this thread lol.
My account my choice. Go fuck yourself
Incident
thx capt. obvious
great insight
"Incident relating to bullying a Junior resulting in 6-7 juniors being fired and a Director. If you’re looking to recruit there will be openings"
Scared to talk now that seniors won't protect you?
No one is telling what happened because they promised their source that they wouldn’t spill the beans on Wall Street oasis.
Someone mentioned some details above but was removed by the mods for some reason.
So soft
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Bump for free speech
Bumping for truth
Bumping for free lunch
My god, somebody recount what happened
All the CCP level censorship gives flashbacks to the Whitehorse thread
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What a throwback
what if the layoffs are tied to current mining activity being lacklustre. Commodity prices haven’t really been doing well
> Not in the know on the situation
> Makes incorrect comments about a sector he's not plugged into (gold near ATHs, numerous large-cap deals in 2023,etc.)
What was the point of this post?
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Your response was low quality. You’re probably some white egotistic dude who can’t see below his nose. Clearly don’t follow mining
Due respect, the details provided above sufficiently prove this to be inaccurate.
Anticipation for a credible news source to disclose the story is high, especially given the involvement of numerous seniors. The truth will surface if they fail to deliver
come on mate, do tell
It's so over for BMO M&M bros
Heard that a bunch of analysts, an ASO or two and an MD got fired.... no word yet on what exactly but will provide details when possible
How big is that group in total?
It's their biggest group by far, as its arguably one of the best MM groups globally. I don't want to speak on an exact number as it will be wrong, but although this is obviously a pretty significant hit to the overall team ranks will be replenished, possibly from laterals or their m&a group
yurrrrrrrrrr
Did the juniors who left already find buyside exits?
Think this stuff is overblown - heard the comments were more on the hilarious / funny side than bad
Have heard similar.
Yo which MM/M&A director / VP is making burner accounts to make dumbass comments
Can you read words? OP said they were fired, everyone else says they were fired. You think a bunch of shitty memes would knock out half the juniors and a director in team known for bullying?
Y’all BMO shills make this so much more suspicious.
The reality is most of them have something lined up. Shame on any firm that hires these bankers and condones this behavior. Well done BMO!
have a friend who got laid off from mining at another shop, was very hard to find a comparable job since mining is so niche and didnt want to work for an actual mining company but couldnt land a gig on the buyside. ended up working for RJ for a few years as a lateral before leaving the country.
Were the cuts all in Toronto or in Vancouver too?
Dismissals were exclusively in the Toronto office after a harassment investigation. An internal transfer from another office was also affected, but they were firmly based in Toronto when it happened.
https://www.theglobeandmail.com/business/article-team-of-mining-bankers…
Haha that didn’t take long
lol. glad to see it out there but feel like this doesn’t really cover the whole story
“BMO bankers are homophobes but they advised TECK!”
dust. What else is there, really highlights the uselessness of a journalism degree
Honestly glad to see them taking actions. This is common in the past but doesnt mean it should continue to happen in the future.
Another one on Bloomberg: https://www.bloomberg.com/news/articles/2024-01-25/six-bankers-depart-b…
Amazingly stupid in this day and age.
Can someone just say what happened exactly? enough tiptoeing around and vague descriptions
GIVE THE PEOPLE WHAT THEY WANT
The og bros who worked the heavy hitter mining deals for BMO called a new gay guy slurs. Basically it
they got lucky to be placed on big mining deals and thinks its ok to humiliate a new guy.
such small dick energy. they should go rub out their insecurities elsewhere.
edit: wow just found all of them, i swear they dont even have more than 2 years of exp and they are making fun of this guy? grow some pubs first. and im surprised they arent all caucasian.
Wasn’t it pretty much just analysts and associates affected? Wouldn’t exactly call them OG heavy hitters when they have 4 yrs of experience lol.
most definitely not “basically it” - have heard that the people involved were fucking with his actual work as well… life in that group already seems miserable as is, imagine having to work even longer bc some people want to be dicks
Smh damn stupid analysts, grow up
Nah, man. You grow up.
How atrocious - who were these kids who were fired?
Yeah they could bring more bullying and homophobia into the next place they go
That’s crazy that the staffer or whoever was fired too - like what was he doing, encouraging and instigating the other 5-6 analysts to regularly act like a bunch of asshats?
Prob, look at one of the comments above, some guy was trying to make it seem like there wasn’t any bullying or it was just some jokes or something
Why did the above comment get so many monkeyshit?
Likely the fired staffer throwing ms left and right from alt accounts
That's very possible - really can't think of many other reasons why they would let go of someone in the mid levels if he wasn't making the situation worse for juniors involved.
Its on the staffer to ensure there is a respectful / professional work environment in their group. I'll give them the benefit of the doubt and assume they were not involved but ultimately their failure to manage their team by not dealing with the issues directly or escalating to HR is enough to get canned
not competent enough to manage your clients and your monkeys concurrently. F
but someone else said it was raised to him before and he just turned a blind eye on it. so yes, he does deserve the axe.
Lmao google the staffer from this group, he looks like such a giant A hole
This is a coverup.
Guy that left immediately landed another job, at a dinky company. Basically 4 people in a room, exit to buyside my ass.
Interesting how a former mining guy suddenly jumps to take one of these homophobic juniors? Wonder who would call a favor like that
What are you implying?
Also why wouldn't he get hired in a heartbeat, it's arguably the best mining group in the world.
The best groups are often super sweaty / regularly working past midnight, have heard 100+ hour weeks isn’t uncommon for their Toronto mining team historically
Anonymous here, but as an actual mining banker (not BMO), the comments (especially at the start) are a huge coverup. There's very few mining PE firms globally, and they all have basically zero presence in Canada. So if they went to the buyside they changed industries. Mining is a small sector, and niche. Yes the BMO team is great, but do you think a PE firm would prefer someone on the #1 Mining team, or the #4 Infra team for an infra role? There very clearly was an effort to Front Run this... the earliest comments were basically "they all got better jobs than BMO, the team is basically #1 in Canada, so everyone wants to hire them constantly, normal turnover not performance related".
So whats the coverup? The team called a favor for him?
Mining can't keep analysts LMAO, associates have 0 churn if you're a pasty ass guy. Pastier the more likely you stay LOL
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most prestigious group in BMO if not Canada, along with RBC M&A
How big was this group and how many analysts / assos are still working there?
Its a pretty big group. Generally had 10+ analyst altho turnover is pretty high. Lots of desperate finance kids in Toronto so they could prob easily replace them
got word that one of the canned analysts interviewing across the street for M&A and when asked what happened, pretended he didn't know anything about it or had anything to do with it.
my buddy said "we aren't stupid" lmao
Was this for M&A at CIBC or Scotia?
Maybe will spill the beans
cant out myself but its one of the two
Mod can you chill? Who’s side are you on - thought this was free speech
Ok so what did we miss out on lol
how google is doxxing the fuckers and people making fun of their descriptions/profile pics
any color on other canadian banks
RBC Calgary is the same except they are better at sweeping it under the rug
… Didn’t an associate get charged for rape which made headlines a few years ago?
My favourite story M&M is an associate messaging a friend of mine on Teams 'your illiterate immigrant fuck of a mother could write better English than what you gave me' after reviewing his work.
Is that from BMO M&M?
Sounds very on-brand ahahaha
hahaha I heard this too
Heard CPP layoff, anyone?
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