Toronto IB - Breakdown & Rankings
Hey! Would love an updated 2025 ranking and insight for the Toronto IB landscape.
I know there's been other threads recently, but none have delved specifically into groups within each of the major banks (exits, deal flow, strength, comp).
So would love a quick breakdown (as in depth as anyone is open to being) about the landscape, specifically B5/6, but would appreciate any insight whatsoever.
i.e: Is RBC M&A, BMO M&M, TD CMT still considered to be the best of the B5 groups -- would love insight on the other groups too (DIG, FIG, etc) as well as globals.
Based on the most helpful WSO content, here's a breakdown of the Toronto IB landscape and rankings for 2025:
Big 5/6 Canadian Banks
RBC (Royal Bank of Canada)
BMO (Bank of Montreal)
TD (Toronto-Dominion Bank)
Scotiabank
CIBC (Canadian Imperial Bank of Commerce)
National Bank (NBF)
Global Banks in Toronto
Sector-Specific Insights
Exits
Compensation
If you're targeting prestige, exits, and deal flow, RBC M&A, BMO M&M, and TD CMT remain top choices. For mining, RBC, BMO, and Scotiabank are the leaders. If you're looking for a strong culture and manageable hours, BMO and TD are worth considering.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/best-ib-groups-in-canada?customgpt=1, Walk me through the Canadian IB sector, Calgary IB Rankings, How good are Scotiabank, CIBC and RBC Mining Groups in Toronto?, Toronto BB IB Offices
The reason why there is no breakdown is because it does not matter as long as you are in a normal coverage or M&A
BMO M&M is not a top group, league tables doesn't make up for nonexistent exits and bad culture
GS = MS > JPM > Jefferies / Barclays => RBC M&A > TD / BMO M&A and RBC / TD / BMO DIG > everything else.
This is thinking purely in terms of pedigree and exits (in Canada and abroad). Wouldn’t discount groups like BMO M&M solely because if you actually enjoy mining IB and can survive the first 6 - 8 years, you practically get clients and mandates handed to you (same with other strong coverage groups in Canada, like certain energy teams out west).
Canadian banking landscape is smaller and you get paid more stateside but the trade off is in Canada the B5 all get a smattering of mandates from big corporates to maintain relationships with all of them, so not as hard to keep your job / land deals every once in a while.
Any insight into GHL and BofA?
I’d bucket any of the remaining U.S. banks I forgot alongside Jeff / Barclays, solely because they are American based, except Evercore, which is probably on par with GS / MS for desirability (it’s just so small and hard to break in). People also likely opt out of exits because pay is so high, but I’m sure you could go anywhere.
Also, not sure if JPM is a step below GS / MS on second thought. Maybe just a hair. I’m sure you can still exit very well from there.
.
This is wrong and likely cope
So DIG are top groups at BMO and TD?
And CIBC isn't at the same level as BMO/TD M&A/DIG either?
Also curious about TD's tech groups (CMT), I thought they were highly regarded
Can't speak on tech group. I would think of most groups at B5 as "crabs in a bucket", where you can exit roughly the same from each, I just laid out wherever there are actual material gaps between shops.
Believe CIBC M&A has a pipeline directly to EVR NYC, but I was focused more on general experience / exits into the buyside directly from the group as opposed to one's ability to exit to a better bank from any group in Canada. Also, pretty sure this pipeline is exclusively reserved for Ivey grads who bust out during UG recruiting and then leverage their connections to go stateside, so not a realistic assessment of one's potential from the group.
Everyone MS'ing me is just in one of the B5 groups I bucketed in at the end.
UBS?
Any insight on RBC Leveraged finance & syndications in terms of culture, hours, deal type?
although bucketed under investment banking, this is just loan syndications (falls under corporate banking) at any other of the Big 5
Not sure why the MS, i literally work there lol
and i would say the hours are even better than corporate banking
RBC FIG & BMO FIG are the only relevant Canadian FIG teams. They both lead M&A league tables by a massive margin compared to the other banks.
How do CIBC and TD FIG compare?
Correct
Canada is basically all bad. As others have mentioned, M&A/diversified teams give you the best chance of breaking into one of the 5 LMM PE funds here
Why diversified? And is M&A considered a lot better than being in DIG coverage?
GS > MS > JPM > BofA / Barclays > Citi > JEF = RBC / BMO M&A > TD CMT / BMO M&M > Strong Coverages (BMO FIG, RBC PU&I, etc) > Other Coverages > Bottom 3 in Big 6 > Boutiques (Paradigm, INFOR, etc) > ECM / DCM
Accurate
citi??????? also wheres wf, mizuho, ghl, etc. horrendous list
Officia accusamus autem natus laudantium blanditiis animi. Repellat occaecati suscipit et provident.
Illum deserunt rerum sed et. Ut a reprehenderit dicta harum sed. Possimus eum corrupti sint vero ut facere non aut.
Magni est quaerat qui et ea rerum. Ut impedit in praesentium ut ut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Quos officiis cumque doloribus iure error veniam. Quia inventore error quia qui qui ea. Quia aut tempora doloribus. Molestias facere consectetur nisi eum officiis harum delectus sed.
Sit nihil molestias consectetur ut nihil doloribus et illum. Temporibus velit porro odio.
Minus tempora reprehenderit et quia earum. Aut qui quam ullam eligendi eum. Quo nobis iusto nemo aut mollitia quia. Sit quia est quos numquam repellat. Quisquam ipsam aut accusamus sed vitae consequuntur et.
Recusandae et voluptates repellat modi eaque et. Eius voluptatem veniam consequatur illo. Odio molestiae tempore autem rem.