Updated Views on National Bank
Haven't seen an updated thread on them here in a while so was hoping someone can opine on:
- Exit opps
- Plausible banks where I can lateral to (Big 5, US BB in Canada, etc.)
- Which groups are strong
- Which groups are sweaty and the number of hours
- Culture (i.e. if people are weirdos or not)
Based on the most helpful WSO content, here's what you need to know about National Bank:
Exit Opportunities
Strong Groups
Sweaty Groups and Hours
Culture
Additional Notes
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
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DIG, M&A, P&U / Infra I think are ok there.
The good ones don't last at National long.
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bump for visibility.
What is that?
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
NBF Mining is solid after they got the Scotia seniors - they are just as competitive of any big 5 groups outside of BMO.
how are they competing with larger cross border platforms like cibc/rbc? curious
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.
del
Thought that was Scotia and TD
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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