Updated Views on National Bank

Haven't seen an updated thread on them here in a while so was hoping someone can opine on:

  1. Exit opps
  2. Plausible banks where I can lateral to (Big 5, US BB in Canada, etc.)
  3. Which groups are strong
  4. Which groups are sweaty and the number of hours
  5. Culture (i.e. if people are weirdos or not)
Region
19 Comments
 

Based on the most helpful WSO content, here's what you need to know about National Bank:

Exit Opportunities

  • Big 5 Banks: RBC, BMO, TD, Scotia, and CIBC are plausible options for lateraling.
  • US Bulge Bracket Banks in Canada: These include major players like Goldman Sachs, Morgan Stanley, and JPMorgan.

Strong Groups

  • RBC M&A: Recognized as one of the top groups in Canada.
  • BMO Mining: Another well-regarded group, especially for those interested in the mining sector.

Sweaty Groups and Hours

  • General Insight: The culture and hours can vary significantly within different groups and banks. It's important to be cautious of any posts that generalize about the culture or hours of specific groups, as these can change frequently with personnel shifts.

Culture

  • Canadian Banks: Generally, Canadian banks are perceived to have a more uptight culture compared to their US counterparts. However, the top Canadian bankers are considered to be on par with their US peers in terms of skills.
  • Big 4 Corporate Finance: These groups are known for running deals from beginning to end, typically in the lower middle market to middle market range. They offer a decent work-life balance with good pay but may not have the same prestige as the Big 5 or US BB banks.

Additional Notes

  • Deal Volume: The Big 4 corporate finance groups handle a significant volume of deals, primarily private transactions.
  • Exit Opportunities: Big 4 corporate finance groups have seen exits to various middle market private equity shops in Canada.

Feel free to ask for more specific details or follow-up questions!

Sources: https://www.wallstreetoasis.com/forum/investment-banking/best-ib-groups-in-canada?customgpt=1, IB in Los Angeles - banks, groups, culture?, Canada to NYC Lateral, Citibank in Calgary?, US Banks With Satellite Offices in Canada

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Came across a CIM from them a few weeks ago. I’ve seen intern projects that were better

 

Can't be as bad as CIBC... I saw one of their CIMs a few weeks ago and accidentally laughed out loud

 
Most Helpful

NBF Mining is solid after they got the Scotia seniors - they are just as competitive of any big 5 groups outside of BMO.

 

There is no cross border dealflow in M&M. M&M is the only industry where Canada > US, the only meaningful US mining companies are NEM and FCX - even NEM's CD team is out of Toronto. That is why only GS/Citi try to run mining out of the US - M&M deals are in Toronto or London.

 

Feel like people (specifically VP and below) are split into 3 main categories: Nontarget grinders, Mid-pack target kids and french/Quebecois

The first people are all pretty chill just bc most of them are just happy to be there and escape the cesspool of mid/back office from their schools. They're also usually the smarter kids IMO and will jump ship the quickest once they have the IB platform on their resume

The mid-pack target kids I found to be pretty insufferable bc while they were capable enough to make IB, they clearly were in a lower quartile of capable kids if they end up at Nat and you can almost hear their sourness when talking about "entrepreneurial spirit" as they watch their smarter target counterparts land at the big 5/US.

Then you have the French. I'm sure in Quebec they are cool, (I'd probably seem like a stick in the mud if I moved from ON to QC so can't be too harsh) but dealing with them in ON or out west I've found is usually pretty insufferable.

Overall, most MD's and D's seem pretty chill and I think of all the big 6 (lol), I actually like their strategy the most of really building within Canada (with the CWB acquisition) opposed to the other CAD banks who are currently selling their souls to build a US presence. Overall I think they are definitely punching above their weight (watch out Scotia) and would offer pretty great deal exposure, just not on the types of blockbuster deals most aim for when thinking of banking.

 

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Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.8%
  • Evercore 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 05 98.3%
  • JPMorgan No 97.7%
  • Goldman Sachs 02 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (44) $258
  • 3rd+ Year Analyst (8) $210
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  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $101
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