Hey everyone. Just like the title says, looking for some more information on the state of the industry in Calgary right now. Currently based in Toronto but am potentially looking to move out west for family reasons.
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Whatever you do, do not lateral to RBC Calgary unless you are looking for a reason to stop living.
In general O&G focused heavily skewed towards upstream as a result of the Canadian energy universe. Banks are rebranding to “Energy Transition” groups however their bread and butter continues to be upstream deals. Culture heavily varies by bank however pretty sweaty across the board as you would expect working in IB. Few BB satellite offices however they typically don’t do too much but compensation is solid.
Haha, yes. Thankfully I have been advised to steer clear of RBC already… hoping to stay within the bank I'm already at (which is not RBC).
From a deal flow perspective has been relatively active over the past 18 months, still plenty of money to be made however the long-term is definitely questionable with several BBs canning MDs or closing offices. Still lots of potential for further consolidation / tuck-in acquisitions. There is substantial societal pressure on banks lending practices as well as regulatory uncertainty after Trudeau’s recent remarks at COP which is something that should be considered in the long-term if you are considering the move to Calgary. Quite a few of the junior bankers I know are actively trying to get out of energy. If you spent too long in Calgary you are “type cast” as an energy banker and it can be challenging to move despite the BS recruitment lines like “if you can bank energy you can bank anything”.
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