Global offices in Toronto

Based on the most helpful WSO content, here's a breakdown of global offices in Toronto:

1. Bulge Bracket Banks (BBs):

   • Goldman Sachs (GS), Morgan Stanley (MS), Bank of America (BofA), Citi, JPMorgan (JPM), Barclays, UBS:
     • These offices are often satellite offices with smaller teams, typically fewer than 10 employees. However, some, like Barclays, BofA, Credit Suisse (CS), and MS, have a larger presence with 10-15+ employees.
     • Barclays and BofA are noted as the largest and most active among the BBs in Toronto.
     • Team sizes and deal flow vary, with some offices focusing on specific industries or products (e.g., M&A, ECM) and others primarily handling coverage while outsourcing execution to NYC.

2. Elite Boutiques (EBs):

   • Greenhill, Lazard, Evercore, Rothschild:
     • Greenhill and Lazard have the largest presence among EBs in Toronto.
     • Evercore and Rothschild are described as having very small teams, with limited deal flow and execution capabilities.

3. Other Firms:

   • Jefferies, Mizuho:
     • These firms also maintain a presence in Toronto, but their team sizes and activity levels are not as prominently discussed.

Comparison to Big 5 Canadian Banks:

• The Big 5 (RBC, BMO, TD, Scotiabank, CIBC) generally have larger teams and more extensive deal flow in Canada compared to the global banks' Toronto offices.
• While the Big 5 handle a significant portion of Canadian deal activity, the global banks often focus on coverage and may rely on their NYC offices for execution.
• Compensation at the analyst level in Toronto's global offices is generally in line with NYC pay but in Canadian dollars. However, pay divergence becomes more noticeable at the associate level and above.

Key Insights:

• The global offices in Toronto vary significantly in size and activity. Some, like Barclays and BofA, are more active and handle deals from start to finish, while others, like JPM, may outsource much of the work to NYC.
• The Big 5 Canadian banks dominate the local market, with more robust teams and deal flow compared to the global banks' satellite offices.
  
  Sources: Bay Street VS Wall Street Investment Banker, US Banks With Satellite Offices in Canada, Canada to NYC Lateral, Walk me through the Canadian IB sector, https://www.wallstreetoasis.com/forum/investment-banking/who-has-heard-about-these-teams-citi-tts-deutsche-gts-jpm-tss-baml-gts?customgpt=1