I thought the M&A group operated out of NY. Any one have any insights on the Toronto M&A group and what they do?
Size (how many people), deal-flow, recent deals?
Are they Canada-focused only or an extended arm of NYC? Cause there's a different mid-market M&A group, which I thought was the Canadian one.
Thanks for any insights.
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How very insightful.
The M&A group in Toronto has ~4-6 MDs, probably 40-50 total headcount. Apparently the head now sits in NY. To my knowledge they don't really like to cross-staff deals between offices. They'll do M&A for any Canada-related exposure whether its outbound or inbound (they may advise a Canadian target or a buyer looking to acquire assets in Canada).
The mid-market team is completely different from the RBCCM M&A team and sits in the commercial bank. Team is much smaller, probably around 15-20 bankers across Canada focused on Canadian middle market businesses (usually businesses that don't meet the fee threshold for RBCCM)
Ding ding ding. RBC MMIB is comped around 1/2 of RBC CM as it sits under the commercial bank. The one thing I'd say is that a US buyer looking at a Canadian asset is usually covered by the US on the buyside (for obvious reasons). But you do have scenarios where there's both US and Canadian teams on a deal. I've worked both sides of the border and have been cross-staffed with the other teams pretty often.
Thanks. The 1/2 comp explains why no one on the team responds to any emails.
Are you on the NYC M&A or Toronto group?
I'm in coverage in NYC. Think the other dynamic with the MMIB guys is that they are really few in number and so are probably on the receiving end of a lot of emails. Anyway, Toronto is the capital of finance gatekeeping - don't let it get you down.
Thanks. Yeah gatekeeping is crazy. Toronto is killing me. Being from McGill, gatekeeping is even worse, haha. No one responds to any emails.
I'm international not Canadian so I can't work in the US. Otherwise, I have had senior referrals and better opportunities come up in the US, until HR ultimately says "lottery visa is risky" after learning that the senior knows me from a cold email.
Already graduated MFin and stuck between a rock and a hard place.
i hear you man. Well RBC NYC m&a definitely takes Canadian laterals so once you get some decent experience (and hopefully Canadian citizenship), your options will definitely open up.
Thanks for the encouragement. And I greatly appreciate you taking the time. An EB exec legit said, "Get some RBC experience kid and we'll take you" word for word. But here, no one is responding for months so Idk how will I get any experience this way.
Is there any chance you could connect/introduce me to someone in Toronto? Cold emails have been pretty much useless here. I am great with technicals as well as people. I just lack any point of contact. I would be so so so grateful.
Have a 3.98/4 college GPA in arguably the hardest engineering major, and 3.8 grad school GPA in finance. Have gotten referrals from two global heads and one exec at top US banks by "asking".
You have excellent people skills by the way, keep it up.
Bruh. How bitter can you be? Stop throwing your negativity out in the world and at least leave WSO alone. This is a supportive community. I got into GS through a referral from someone I talked to on WSO.
Stop flinging your shit around to make yourself feel better about yourself.
No one seems to have asked you either, and here you are swinging your dick all over the place.
Bitter waste of skin.
Thank you for the detailed answer and the separation of groups.
I work at RBC TO and this is accurate although vastly over-estimates headcount. I'd say closer to 25 - 30 (never tallied it up). There's been some turnover at the junior level over the last year or so.
Thanks for your input and taking the time. Are you on the M&A team or coverage?
Would you have any advice on a recent MFin grad (prior engineering) trying to break in? Canadian networking feels like a dead-end on all sides.
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