Closure of Greenhill Toronto?
2 MDs joined BMO and know their VP joined Rothschild recently. Is that office going to get shut down?
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Really dont think so. I know the team well
The Head of Canada and the diversified team are still there, which is their primary coverage. The guys who left were all from the mining team which had limited deal flow
They still have like 10 bankers in Toronto
Very likely that the office is probably screwed. MDs have been mass leaving GreenHill after the acq. Look at Lazard closing it's Canadian office not too long ago
2 partners leaving in toronto, with just 1 remaining? It's an unfortunate reality of the dying boutique business model
Michael Nessim. Who is the other one?
Never made much sense for any of the BB/EBs to have satelite offices here
Yes outside of GS and MS which have legacy and long-lived franchises up here, I don’t see the point.
Clearly US banks see white space hence Jefferies / other satellites opening, but the B5 have such a stranglehold up here.
know a few juniors at BMO P&U - Greenhill got bought by a Jap bank (Mizuho Financial Group) a while back and the merger isn't showing any returns. Mizuho will probably let go of the greenhill employees that don't do infra/p&u/lending given their balance sheet focus
Would not be surprised. Haven't seen much of anything out of the office recently / since the acquisition. Latest notable "deals" incidentally all seem to be nat-res related (Westinghouse, Innergex), which I know were led by the folks that just quit (worked opposite that team on one of those).
Now that the nat rest team is gone, and given how large that industry is in Canada / recent focus from Japanese banks on lending to that sector, I cannot imagine Mizuho keeping this many juniors around (let alone an office) to support ambulance-chasing DIG fairness opinions.
they just finished hiring for 2027 summer (had coffees with a few analysts). Will this affect offers?
Top target club member here (WIC/QUIC)
Have heard that it won’t affect offers.
del
queer
I am Michael Nessim and I can confirm true
Bit of a longshot ig given public forum, but why leave? Can pm as well
You fucking dumbass
Friend of mine got a first round recently with them but got dinged. They have a few alum from my school and they have a good rep but this is pretty scary especially for the incoming FTs and next year's interns
Dinged why?
Can confirm it's 2/3 MDs leaving and only 1 still there (the country head/chairman)
Can't find any VPs/exec directors on linkedin but the team below seem to have good deal experience and should still land well if it gets shut down soon like CS
i don't think they have anyone at the mid level. It's just AN and ASOs (no VP or ED) and an MD. could be a skeleton crew before the actual big cuts
Nan. Below is Greenhill Canada’ senior roster now that Michael Nessim and Usman Masood are heading to BMO.
Steve Mayer - Vice Chair and President
Claude Tessier - Senior Advisor
Derek Leong - Managing Director
Greenhill doesn’t really exist anymore in North America. Offices have been combined with Mizuho, the teams sit together. It’s just a trade name used for marketing purposes.
they have a strong laurier/waterloo pipeline. however it's uncertain if 1 senior banker can support all the juniors, haven't seen any deals announced recently
Totally not a surprise that the talent drain is happening post acquisition.
The firm had a pretty good run prior..and I heard anecdotally that the Toronto office was one of the most profitable per head.
However, now that there’s layers and layers of random Mizuho management (group head of this, head of that, global head of this, deputy head of that…), I would be very worried as a junior.
Reason being previously the group head would have direct line of sight and leverage into and over the key decision makers at legacy GH.. but from the point of view of the new Mizuho managers why would you keep 12 juniors to support 1 MD? Don’t think that ratio exists elsewhere in the industry in Canada.
What mining deals did they do recently? Only one i can recall is the Tacora CCAA? Regardless, i guess good for BMO to have a smart guy that did GS/Greenhill and can leverage their existing platform efficiently
There is a ton of misinformation and crazy speculation in this thread, which shows most of you don't know anyone at Greenhill Toronto. Just wanted to chime in (I have a really close friend who works there)
With the recent departure of the 2 mining MDs (only 1 was a senior MD, the other was a jr MD), GH Toronto has 2 Toronto MDs and also a Chairman in Montreal (the former CFO of Couche tard, who joined GH last year). I hear they are looking to add another MD to replace the one who left.
The office lives and dies with the Head of GH Canada, and he is still there and the team is busy (if you know anyone at GH, they can opine on how active he is. He also originated those Canadian PU&I deals the poster above referenced). The team also have a few associates but GH has always operated lean and has never had more than 1 VP/Director at a time.
Several of their recent announcements have been fairness opinion roles, but my buddy told me its essentially a $2-3M+ fee for 4-6 weeks of work and it pays for overhead while they target larger opps (which are few and far in-between in Canada, lets be real). A bunch of their mandates are also not publicly disclosed - strategic reviews, advisory and restructuring type stuff. For example, GH is working on the SSENSE restructuring right now
GH never had much success on the mining front (its a tough industry for most boutiques since they dont lend/provide research - EVR and LAZ have also tried. the only one that does well is Rothschild) and PU&I is well covered by Mizuho Canada, so there is less need for a GH PU&I coverage. Also apparently the GH guys are joining BMO DIG, not even mining or power
Can confirm that both are joining BMO DIG and not mining, including one as head (or co-head?).
Why in the world would Nessim bail on Mining
bump
I heard another 4 people all at the Associate level just quit, so departures in the last 6 months total 2 MDs, 1 VP, 4 Associates
Heard from a current employee last week that a bunch of ANs/ASOs quit late April. Highly likely that this office gets shut down like LAZ in 2023
Any updates from this office? What's going to happen to the incoming summer analysts?
There's a posting online for the M&A group on this team.
anyone know what the hiring process is like? Is there any deal flow left?
would probably avoid. heard thru the grapevine that the team has been hollowed out and whole group is looking for exit opps
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