Thoughts on BMO? On the rise or decline?
Considering BMO Middle Markets IB as an internship. What is the conceptualizations around BMO today? Has there been improvement in prestige? Is the comp decent? What are exit opps for interns like? Thanks
At least their PE group has horrible comp. Their IB team was below RBC in pay that's for sure.
Could be wrong, I thought BMO paid 100k and RBC paid 95K now. Heard BMO had bad bonuses tho
Note that BMO Middle Market IB is different than BMO Capital Markets IB. MM sits in the commercial bank and focuses on M&A.
MM team gets a lot of reps (long hours as a result) and generally has good exits to regional LMM / MM PE shops. Solid place to start your career if you don't have interest in being in a big market like NYC / Chicago / SF.
Regarding comp, BMO Capital Markets adjusted their comp structure and paid good bonuses this summer ($65k+ for An 1, $100k+ for An 2). Not sure if MM team followed suit or did differently since within the commercial bank.
Regarding prestige, BMO Capital Markets overall brand is improving due to strong LF / FSG momentum. ECM is solid from a product perspective, too. Lack of great M&A limits exits a bit though. The MM team is obviously different and offers plenty of M&A deals, albeit much smaller.
Everything Big City said is true. I’m guessing this is for Minneapolis, as that’s where most of the team sits. The biggest problem is that you’re kinda pigeon holed to Minneapolis. Most of the analysts are from Minnesota and want to stay but col is super low and you get NY/CHI pay. Can’t comment on culture, the office has had a ton of turn over.
Everyone in Minneapolis kinda shuffles around and they all end up alright (lots of guys living in Kenwood, Edina, and on Minnetonka). If BMO doesn’t work and you want to stay in MN, there’s Hennepin partners, cherry tree, triple tree, piper, Lazard mm, houlihan mm, northland, vermillion, and no shortage of random Wayzata family office hedge funds and pe firms.
If it’s off cycle, 100% take it. Biggest brand name after piper you can get in mn.
I am guessing Houlihan MM is a typo? They are already a middle-market firm, do they have a different focus in MN?
Your info is quite stale. BMO Minneapolis is effectively dead. There are two MDs left, one of which is likely to leave sooner than later.
And lateralling from BMO to other legit MMs is not a guarantee given the lack of reps they are likely to get on deals, though much easier in this market. Some of those banks you listed are terrible lower MM groups (e.g., Cherry Tree, Vermillion, Northland).
Their dealflow might be improving but they have a terrible reputation for how they treat people both in the US and Canada.
“How you treat people” is largely group specific, as we all know. Can’t speak to other offices but know that Chicago and NY both generally have solid cultures
Are the $65k+ and $100k+ bonus numbers for BMOCM in Canada or US?
What are hours like, specifically in NYC only. Levfin coverage and m&a
What's the consensus on the Metal and Mining team at BMO?
Sweatshop. Worst hours and culture on the street but flipside is that they are the best Metals&Mining group in the world so you'll get to see lots of deal flow and top of street bonuses
source? do you know what those bonuses look like?
Rising in the league tables (Factset), well regarded all around (Vault T25) and getting on more $1B> deals.
Where are they ranked in overall fees on Factset?
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