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Ah, the ever-evolving landscape of Toronto's investment banking scene! While the specific events you mentioned, like the Barclays bankers moving to Jefferies or the Mizuho acquisition of Greenhill, aren't directly covered in the WSO content, we can still make some educated inferences based on the general trends and insights shared within the WSO community. Let's dive into the factors you're interested in: exits, total compensation, and learning experience/senior mentorship.

  1. Exits to the US: Historically, the big players with a strong global presence (think RBC, BMO, TD, Scotia, CIBC, and National Bank) have been solid platforms for analysts looking to make moves to the US, especially those in sectors with cross-border deal flow. Global banks with offices in Toronto, like Goldman Sachs, J.P. Morgan, and Morgan Stanley, also provide excellent exit opportunities to the US, given their extensive networks and prestige.

  2. Total Compensation: Compensation is often competitive across the board, with global banks typically offering slightly higher packages than their Canadian counterparts due to their larger deal sizes and international reach. Canadian boutiques, while sometimes offering lower base salaries, can provide substantial bonuses based on deal flow, making total compensation quite variable.

  3. Learning Experience / Senior Mentorship: This is where boutiques, including Canadian ones like Canaccord Genuity (noting its strong presence in Vancouver but still relevant for Toronto), might shine. They often promise more hands-on experience and direct exposure to senior bankers, which can be invaluable for learning. However, the training programs and structured mentorship offered by the larger banks are also significant, especially for those new to the industry.

Given these factors, a tentative ranking might look something like this:

  • Top Tier: Global banks with strong Toronto presences (e.g., Goldman Sachs, J.P. Morgan, Morgan Stanley) and the Big 6 Canadian banks, with a slight edge to those with more significant US deal flow.
  • Middle Tier: Other global banks that are active but might have a smaller presence in Toronto, and top Canadian boutiques with strong deal flow and a good track record of exits.
  • Emerging Players: New entrants like Jefferies, or firms that have recently undergone significant changes (like Mizuho with the acquisition of Greenhill), which might be poised to climb the ranks depending on how they leverage their new positions.

Remember, the investment banking landscape is dynamic, and rankings can shift as firms adjust their strategies, deal flow fluctuates, and the market evolves. Networking, staying informed through platforms like WSO, and keeping an ear to the ground will be key in navigating your path in Toronto's IB scene.

Sources: Toronto - Boutique Investment Banking Compensation, Vancouver Investment Banking?, Calgary IB Rankings, Citibank in Calgary?, Canada to NYC Lateral

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Globals > B5 > boutiques.

Globals exits are great - people go to MFs from MS / GS. They are sweatshops though.

Exits to US buyside from B5 and below are rare, you can imagine which types of candidates do get these opportunities (women/DEI).

The B5 are kind of a wash. The only two notable groups (yep, despite all the drama) are RBC M&A and BMO M&M, though exits from the latter are limited given its niche nature.

If I had to rank, I’d say RBC > BMO / TD > Scotia / CIBC. Deal activity for BMO is undeniable, despite it having a shit culture.

As for boutiques, pretty sure exits are non-existent to the US and few to Canadian buyside seats (is there a single person at Altas not from RBC+?). Canaccord is probably the best though.

 

Where does jefferies fall into that ranking? Or is it too tough to say since the office is pretty new

 

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