Hi,
I am in Toronto. And the word in the street (friends in RBCCM, Scotia Capital & my career centre) is that intern recruiting this year will be slashed because of the ABCP situation.
Can anyone confirm this? also, does anyone know what is the damage (20% reduction, 50%....etc)?
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Wel interns is a bit different I know shops decreased numbers from last year, CIBC WM for example said to me they were looking at 4 people, along with 2 - 4 summers, versus, somewhere that had little effect like TD, who hires 8 new people, and brought back about another 8 for a total of 16 first year analysts. Depends on your school, Ivey still gets a lot of jobs, same with Queen's, I mean outside of the big banks, so the people at those schools are alright.
I think the US credit crunch will have a much greater impact on CDN I-Banking than ABCP. M&A hiring is down for sure though. Canadian M&A groups have bulked up over the last few years and are plateauing in size.
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