Just wondering if anyone has a metals and mining industry primer that they don’t mind sharing? I would really appreciate it.
Also, it’d be great to hear thoughts/commentary on metals and mining IB. Pros, cons, compare it to other industry groups (what’re the the biggest differences), best banks for M&M coverage, is the group sought after, advice for pursuing this group, does M&M compensation differ from other coverage groups, and any other general thoughts would all be extremely helpful to know.
Thank you!
Hey ShelbyCompanyLtd, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:
You're welcome.
Here are some reports on the industry...
BGL has good stuff. https://www.bglco.com/wp-content/uploads/2020/04/BGL-Metals-Insider-Apr…
Saw KBCM came out with this recently too. https://image.emails.keybank.us/lib/fe8b137270630c7877/m/1/Metals+Month…
Are you located in Canada or NYC? I only ask because M&M coverage is much more common out of Toronto. BMO Capital Markets is a global leader in M&M, significant deal flow. The M&M coverage group is known for doing modelling in-house, as the NAV models are very unique to M&M and hence M&A is involved less. Therefore as a junior banker, you'll get exposure to both the product and coverage aspects of deals (i.e. very technical, but also client coverage). The group would have lots of former engineers/technical workers. The flip side to this is that your experience is somewhat niche, so may confine your career progression to the M&M banking vertical, or mining company exits. Something to think about. Compensation would reflect deal flow, I know BMO pays 'street' in Canada. Can't comment on M&M bonuses directly, but probably healthy (given steady deal flow). This would be bank specific. As for players, MS and Barclays in Toronto have significant mining coverage presence, and the Big 5 all have teams (CIBC and TD are strong, RBC is notably weak, and I believe Scotia just shut down their mining team). Hope this adds some value.
Is BMO M&M still a sweatshop ?
Well, with a global leader, you get significant deal flow. As such, you're going to be working your ass off. This will result in excellent deal experience (and hopefully good comp). This group isn't about facetime, it's about deal flow. So, I'm not sure how you want to define sweatshop. Some people choose this group because they want deal experience. I wouldn't choose this group if you're looking for lighter hours, but in that same vein, maybe IB isn't really the right career choice if that's the case anyways!
Scotia still alive and well. Just advised Alacer / SSR. Shut metals trading not banking.
Nice! Thanks for clarifying - wasn't sure exactly what they had shut down.
Thank you, this was very helpful!
I’m located in Toronto. Is it difficult to break into M&M coverage without mining engineering / technical experience?
I don't think so. However, given this coverage group is a niche focus, you really need to make sure your story is tight. You want to be clear that you don't just want to break into banking, you want to break into M&M because of reasons x y z. Show that you understand what makes M&M different, and ensure your story is full of clear, concise, well researched passion.
How is M&M in the US - who are the more globally competitive players? Have really only heard of a few (JPM vertical within DI, Citi LA, etc.).
Do people find this group interesting?
From what I heard, BMO is not as much of a sweatshop as it was in the past. You're definitely still putting in the hours, but culture has definitely improved. Most modelling is done in-house with some consultation with seniors in M&A. Lots of proprietary databases to up-keep but makes it easier to pull from whenever needed
How does Jefferies NY fit into the mix? Saw they're expanding the group and looking to hire a post-MBA associate.
Edit: Smh. For the "inaccurate" monkey shit - here's the link for the associate posting: https://www.linkedin.com/jobs/view/investment-banking-associate-metals-…
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