Santander S&T 2027 vs BMO S&T 2027

When deciding between Santander S&T and BMO S&T for 2027, here are the key factors to consider based on the most helpful WSO content:

1. Culture and People

• Santander S&T: Likely to have a more European-focused culture, given its roots. This could mean a more relationship-driven environment, especially in sales roles. If you're looking for a collaborative and potentially less cutthroat atmosphere, this might be appealing.
• BMO S&T: As a Canadian bank, BMO might offer a more collegial and supportive culture, but it could also be more conservative in terms of risk-taking. This could impact your ability to run your own trading book in the long term.

2. Training and Development

• Both banks are not considered top-tier S&T players compared to BBs or EBs, so the training might not be as robust as at larger institutions. However, the quality of training will depend on the specific desk and team you join. Look for desks with strong leadership and a track record of developing junior talent.

3. Deal Flow and Desk Opportunities

• Santander: Likely to have stronger deal flow in European and Latin American markets, which could be beneficial if you're interested in emerging markets or cross-border trading opportunities.
• BMO: Likely to have a stronger presence in North America, particularly in Canadian markets. If you're looking to focus on North American trading, this could be advantageous.

4. Long-Term Opportunities to Own a Book

• Running your own trading book will depend on the desk's structure and the bank's risk appetite. Based on WSO insights, S&T is increasingly becoming an "eat what you kill" environment, so your ability to generate ideas and get senior management to back you will be critical. Consider which bank has a better track record of promoting traders to own books.

5. Exit Opportunities

• Santander: May offer better exits into buy-side roles with a focus on macro or emerging markets, given its international footprint and exposure to diverse markets.
• BMO: Could provide solid exits into North American-focused hedge funds or asset managers, but the brand name might not carry as much weight as Santander's in global markets.

6. Future of S&T

• Keep in mind that S&T is evolving with increased automation and digitization. Based on WSO threads, the focus is shifting towards e-trading, derivatives, and areas where banks can leverage their balance sheets. Consider which bank is better positioned for these trends.

Final Thoughts:

• If you're passionate about macro trading and want exposure to international markets, Santander S&T might be the better choice.
• If you prefer a North American focus with potentially a more stable and collegial environment, BMO S&T could be a better fit.

Ultimately, the decision should come down to the specific desk, the people you'll be working with, and where you see the best alignment with your long-term goals. If possible, reach out to current or former employees at both banks to get a better sense of the culture and opportunities.

Sources: Is S&T still a good career path?, How likely is it to get fired in S&T?, Q&A: MBB, BB S&T+IB, Top MBA, US/Global, https://www.wallstreetoasis.com/forum/investment-banking/should-i-pursue-st-or-ib?customgpt=1