Canadians Speak

tops in Toronto and Canada for deal flow. Based on what I heard on this forum, pretty mediocore in the US.

Hours are above street. Not positive on pay.

CIBC was famous for star analyst Meredith Whitney, who covers the big financials - most Wall Streeters should have been aware of CIBC for that reason alone - much of their net worth is tied up in the well being of big financial firms, if not their stock.

Of course, after Oppenheimer bought the US investment banking operations of CIBC, the CIBC name is now essentially gone from Wall St. Whitney carries on, though.

I don't think the title "Goldman of Canada" means that much. After all, McGill is named "Harvard of Canada" - a name invented by McGill University school paper.

I have never heard anyone refer to RBC as anything remotely close to a "Goldman of Canada". A friend who worked there described it as a sweatshop with little training to speak of, unspectacular pay, consistently atrocious hours (even by IBD standards), and poor culture and morale. He doesn't seem to have any regrets about leaving that place and signing with a BB.

CIBC is second in canada year to date according to Thompson Financial (and they go between first and second every year with RBC), and while RBC is first, it is by no means comparable to Goldman.

From friends working at RBC, they say the hours are absolutely brutal and there is a high turnover of analysts. There is one exception, the real estate group which is in the north tower of RBC plaza, and not the south tower, so it is secluded. The RE group does not have the face time requirements, but with that said, they are just glorified property valuers that do minimal secondary REIT and debt offerings.

I'm not sure about exit opps, but from CIBC, I know someone went on to Teachers Capital. PE in canada is relatively small.

I'm not sure about pay either.

RBC is at the top of Bay, that is without question. Not sure what pay is this year, but last year I was told all-in came to $140K, by 1 analyst there, whether this was high end, low end, avg, not sure. Hours are rough, no doubt about that fact, but I don't think they differ from many top shops or groups on Bay, i.e. BMO Mining group is just as brutal.

Deal flow is mainly Canadian deals in Toronto, whether cross boarder or local. They have a US office - NYC is head in the US - with a focus towards mid market deals.

In terms of exit, one analyst from RBC that I know left for Citi PE group recently, '08.

I don't think he was directly comparing Goldman and RBC. I think it was more of a guideline to be able to realize the actual prestige of RBC in Canada compared to other Canadian banks.

CIBC & RBC swing for top spot every year. The others just fight for third. The Canadian market is small, but RBC gets a piece of everything meaningful that goes through. Getting tougher as Canadian flagship (relative) companies get picked off by US and international rivals. (ALCAN, Dofasco, INCO).

Although compete tightly with CIBC, RBC has more prestige. Heard hours can be brutal, but who doesn't know of a bank that hasn't been described by at least one person as a sweatshop. Depends on the group, timing, etc.

Heard this year they were beating BB Canadian satellite offices' numbers, which is not normal. Can't confirm $140 mentioned above, but sounds reasonable given market was great last year even north of the border.

In terms of the US they have strongest Canadian presence but it is purely mid-market. Obviously uncomparable to BB so don't expect to be working on mega-deals.