Scotia Corporate Banking
Anyone have any insights on the firm and division in the US? I enjoy CB (current analyst at another firm) for the WLB and solid comp, curious if this extends to Scotia as well
Thanks all
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Good folks in the Toronto office and strong CB division, but not 100% sure if I can say the same for the US office. Comp is lower than other Big 5 and BBs (obviously). No longer at the bank but remember decent deal flow so good opportunity to get reps in. Haven’t taken a look at US league tables in a while so maybe take a peak and see how they’re standing
Appreciate the color. Is there a CB league table?
As additional context I’m coming from a really strong Euro non-BB CB division, but in regional T1 west coast city. Moving to NYC is priority 1 but on the fence whether a lateral to scotia is a good idea
Previously worked at Scotia NY so have some insight. What coverage group is the Corporate Banking offer in?
Hey, thx for replying, don’t rly want to disclose sector, was just tryna get color on the overall franchise and division
Why’d you leave? And what type of firm are you at now?
That's fine and happy to provide more info. So I worked in the IBD at Scotia NY for 2 years, so not CB division, but have worked with CB team before so know a bit about that side as well. In terms of why I left, I would say that the culture wasn't great (at least in NYC, not sure about Toronto - senior bankers just seemed quite detached and just kept jamming low value-added workflow to the juniors) and the work was basically all pitching / admin since Scotia doesn't really lead transactions in IBD or even CB for that matter. On the CB side, in the US, Scotia largely plays a participating role (not lead left) in most of its corporate lending deals, so that translates into pitching / admin / mindless workflow for junior workflow. Case in point, I never built a single model during my 2 years there, so when I was lateraling, I had to self-prepare the modeling aspect. Also, I'm sure you know this as well, but Scotia doesn't pay competitively and bonuses were low.
Ironically, I lateraled over to a large BS European bank to do IBD, where I would say the deal flow and learnings opps are better overall. Plus higher pay as well which is nice.
The P&U team at Scotia is the strong point in the U.S. in terms of deal flow, so if you're not on that coverage team, I honestly wouldn't recommend lateraling to Scotia if you are generally okay with your current bank. Did you not try to lateral to better banks (RBC, TD, etc) / BBs? I think those are certainly feasible since you are already coming up a "really strong Euro" bank and provide much more "upside" with the lateral relative to Scotia (you might even be "lateraling down" if you're coming from a solid bank).
Thx for this additional color. Most of what you said is what I suspected. Tbh my primary motivation in considering this move is the fact I want to move to NYC from the west coast. I applied broadly, and scotia replied. The pay is dog shit but marginally less than what I’m making now. I’m interviewing at a couple firms, and scotia is definitely at the bottom, but the one in which I believe I have the greatest shot.
In the event scotia is my only offer, I’m seriously on the fence of whether I should even move, but as mentioned previously I really want to move to NY, so may take it. Besides I like CB, and the goal is a spot at citi or BAML opens up where CB and IB base is the same
PM? Would love to hear more about your experience there
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