Canadian banks in the US

Based on previous WSO threads, here's what you need to know about Canadian banks in the US, specifically for NYC:

1. RBC (Royal Bank of Canada):

   • Reputation: RBC is considered a growing platform with a solid M&A franchise, driven by its balance sheet. It actively seeks lead advisory roles on mandates.
   • Top Groups: Power & Utilities, M&A, Industrials, and Tech are noted as strong groups.
   • Exit Opportunities: RBC has been known to place well with middle-market PE and even some mega funds.

2. TD (Toronto-Dominion Bank):

   • Reputation: TD is recognized for its presence in the M&A league tables, particularly noted for its performance in 2017.
   • Coverage: TD has a strong presence in the US market, leveraging its Canadian roots and extensive network.

3. Scotiabank:

   • Reputation: Scotiabank is known for its strong mining group in Toronto, although there have been some internal movements with senior staff being poached by National Bank.
   • Coverage: While not as frequently mentioned as RBC or TD, Scotiabank still holds a respectable position in the US market, particularly in sectors like mining.

In summary, RBC and TD are generally seen as strong contenders in the US market, with RBC having a slight edge in terms of exit opportunities and group strength. Scotiabank, while solid, may not have the same level of recognition or coverage as the other two.

Sources: How good are Scotiabank, CIBC and RBC Mining Groups in Toronto?, How is RBC viewed on the street? Seeking for objective views., https://www.wallstreetoasis.com/forum/investment-banking/best-ib-groups-in-canada?customgpt=1, Canada to NYC Lateral, NYC IB: UBS vs RBC