Can someone explain how satellite offices exactly work? What's the deal flow like of BBs at their satellite offices in Canada? If you personally work at a satellite office, what do you like about it?
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Almost all of the global BB and EB firms have offices in Toronto (with some also having offices in Calgary or Montreal). Below is focused on Toronto:
BBs: GS, MS, BAML, CS, Barclays, Citi, UBS, JPM
EBs: Greenhill, Lazard, Evercore, Rothschild
Other: Jefferies, Wells Fargo, HSBC
The team size and the deal flow will vary. Some are very much satellite offices where they have a small team maybe focused on a singular industry and limited deal flow/execution. The offices typically have fewer than 5-10 employees.
Others are larger with in-house execution capabilities or even separate industry or product groups (M&A, ECM etc). These offices typically have 10-15+ employees
Of the BBs, Barclays, BAML, CS and MS have the largest presence. Barclays and BAML are by far the largest and most active
Of the EBs, Greenhill and Lazard have the largest presence. Evercore and Rothschild are tiny
While deal flow in general will be lower than the big-6 Canadian banks, the BB/EB banks can provide a closer-knit team environment, better deal/senior banker exposure, heavier focus on larger and cross-border deals, higher compensation, better exit opportunities (access to global buyside opportunities is much better) and better global mobility