I was just wondering if anyone here had much experience or knowledge about BMO NY in terms of deal flow and experience? Is it true that there is not much modelling work to go around in the coverage group, and pay is well below the street? Any insight would be much appreciated about this, along with culture, and hours.
Thank you
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Pay is 100k for 1st year analysts and bonuses are all over the place (I’ve heard everything from 25k - 85k for AN1, with mid bucket being 65 based on old 85k base). Modeling depends on group. Deal flow heavily depends on group as well. Culture is very group dependent and some are more sweaty than others. You won’t get MF pe but with people have been able to lateral pretty easily in the current market to BBS and EBs.
They are pretty flexible with WFH and have good benefits and the new office is nice.
Great, thank you. Do you know much about the PU&I team?
I can’t comment about the PU&I team except they are hiring because the MDs all quit and all the juniors quit as well so everyone is brand new. Heard that the teams the mds came from were pretty sweaty but no idea if it’s going to be the same at bmo.
Previously, PU&I did their own modeling. I’d assume it would still be the same. If you have no other offers I’d take it and plan on lateraling in a year.
Mostly agree with this. BMO's IB is relatively young so their groups are at varying stages of maturity and therefore offer very different experiences.
Broadly speaking, Energy related groups are well established and "why BMO has an IB". Then there are some other solid and established groups like FC&R and Industrials. Tech and Healthcare are "growth oriented" and have a few years of momentum behind them. Finally, there are a couple other groups still working to really get off the ground.
From a product perspective, Lev Fin is doing extremely well (driven by FSG). They are Top 10 in league tables for the year. ECM and M&A are less mature
Culture is good. Nice people. Generally not a sweat shop.
Pay is solidly at street since comp structure was adjusted this past year. Used to be a little below.
Didn’t BMO shutter their entire US energy IB team last year?
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Not in NY, but my analyst years in Toronto (Metals and Mining) gave me serious PTSD.
It wasn't just the hours that were brutal, it was the constant passive aggressiveness throughout the chain that made it unbearable. One day everyone is aggressive, then the next hour they're super nice (makes you think subconsciously the behavior is ok and it was just the heat of the moment, but this happens everyday). A bunch of psychopaths that made you stay on your toes by keeping you warm and cold.
TBH, the experience left me so jaded. I'm surprised im still in banking...
BMO M&M is legendary for being literally the worst culture of any group in the entire country. And because people know that, the only ones who join are those who are weirdly passionate about mining or those for whom it was the best option. Just happy that you got out and are somewhere better presumably.
Right on. We had this associate who had a PHD or something in geology and was weirdly passionate about mining.
I never understood the appeal tbh. I'm at a boutique now with similar pay but a massive upgrade in lifestyle.
Some also join for the high deal exposure, above market pay and because the group does its modelling inhouse. Usually just for two years though as most analysts tend to leave after that
BMO M&M is notorious for the awful culture, I’m in a similar spot with the passive aggressiveness. I remember someone on the M&M team telling me once what his VP said when the pandemic first hit, “Good thing you’re in the office all the time, you’ll be safe from covid here”
Honestly man, props to you for surviving that group. They have chewed up and spit out two very bright classmates of mine who have gone on to be very successful elsewhere.
Have seen anecdotally that BMO M&M analysts/summers go on to be very successful in other roles/groups
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