Toronto Banks Tier List
Based on deal flow and both Canada/US exits. If I missed any boutiques or satellites let me know
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Bump
The real ranking:
GS/MS
Other BB/EB with offices in Toronto
Everyone else completely irrelevant in exits besides hoping for a spot at Altas/Onex
They basically only take from RBC M&A/BMO M&A so it's more like those two groups in tier 3
Untrue. No real distinction for big 4. You only saw that because those are the people that got the offer. They will interview any big 4 as long as you have good deal experience
Big 4? Do you mean big 5
Scotia and NB are irrelevant
Congrats on CIBC/TD
Im incoming EB in NYC lmao
Congrats on GHL
Highly doubt this. What's your source?
Correct.
RBC / BMO M&A and DIG have mildly shit exits but do standout relative to other B5 groups. BMO M&M I guess deserves to be higher since criteria was deal flow and exits, but exits are horrendous / non-existent from the group.
Stifel, ATB and Haywood good exits? Asking, I have no clue.
Stifel has MM/LMM name brand in the States and ATB is prob good with AIMCo exits or Calgary funds, Haywood prob significantly worse than the two
Any more colour on ATB? What their comp/hours are like?
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Tier 3 for Barc, Tier 4 for JEF/UBS
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WF? MUFG?BOA? And the other globals?
BofA is literally listed here, don't think WF or MUFG even have a Toronto presence
wf has a full team just a quick search on LinkedIn
saw an exit to Elliott PE from GHL on linkedin
Citi is not the same level as BofA or RBC in toronto (for IB), basically a support team for Calgary NR team.
Also no Jeffries?
Citi Toronto largely works on M&M deals co-staffed with LA office, or ran independently out of Toronto. Not a ton of natural resources.
Must have gotten them mixed up, I thought they were big O&G players
Maybe not deal flow wise but Citi def has better US exits than RBC
Forgot to put JEF, would be tier 4 or maybe 3.5
RIP Eight Capital
Heard about this, was a really shitty situation for Ana/Aso
RJ? That's a little big to forget when you remember sampford (whatever the hell that is).
Eight capital doesn't exist. Ventum and Cormark would be at 8.5. Canaccord still punches above stifel and ATB.
Bruv either you noob or you snoozing. Pull up M&M 2024 creds and then talk about rankings. You are like a Bottom G person, bruv.
Mining: BMO Goated // CG, NBF, TD, Cormark, SCP, RBC Up There // CIBC & Scotia Bottom G // Rest all mining shops as relevant as VII Capital
bump
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GS is good for exits but they do not have good deal flow in that they are basically only a support team for NY. Rarely originate on their own
JPM and EVR have neither good deal flow or exits - what were the last notable deals either worked on, or notable exits? Both are tiny and just support offices for NY with minimal Toronto led origination/execution
Where is jefferies? Probably one of the strongest global platforms from a banker depth and deal flow perspective. Barclays is rebuilding as well and has scale
Citi and Rothschild don’t do anything in Toronto. I don’t even think Rothschild has an MD in Toronto - they just support mining out of London/DC.
RBC m&a has somewhat fallen off in recent years (they’ve missed out on quite a few of the larger marquee deals over last 5 years) - was stronger under old leadership. TD m&A should be higher than CMT
CIBc is much better than Scotia across the board
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Broadly agree with you, but I have a former colleague at Rothschild. They do indeed have an MD, and since the DC office closed they are indeed originating and executing out of Toronto, including a few notable recent deals like Filo. If you are into mining, they are a pretty serious shop.
I would also say jury is still out on Jefferies as it’s still very early days, and I query if Barclays can rebuild after the mass exodus they just had
Interesting, I’ll defer to you on Roths as I don’t work in mining
Who is the MD though? All I know is that they fired Alex Graham, their head of Canada / only MD (at the time) a couple years ago and cut the entire diversified team
In Jefferies, they’ll be fine. Bruce R and the ex Barc team is solid, plus they added some bench strength with Ron Lloyd from CS.
I agree on Barclays - time will tell. Ryan V is good, but Geoff B is washed
I suspect people don’t leave EVR TO as much because a) people stay in banking in Canada for longer (fewer buyside exits but they want to stay local) and b) they get paid so much.
JPM advised on the MLSE / some sports deal recently which was big. I also believe they did some infra deal that was a few billion, but less confident.
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Evercore Toronto, given its so small, is not a good shop for staying in banking / upward mobility - they only have 1 homegrown Toronto banker who made it past associate and he had to go back for MBA. All other A2As had to leave the firm eventually. No way a shop like that can support multiple VPs
Heard Citi is slower now but they did work on quite a few big mining deals in Canada. Some very high profile.
Can you opine on MS and BofA?
Thoughts on MS and BofA?
How is UBS Toronto post CS acquisition?
12. RBC M&M
idk why but thought national would be higher
thoughts on MS?
What ranks better, TD or BMO?
Would love to hear from both Canadian and US perspective as well as culture.
Culture it's TD by far (best Big 5 culture vs BMO which is arguably worst), but BMO exits and deal flow (in Canada) are better, in the US it's about the same post-Cowen
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