Banks that Pay USD in Canada

Thought it'd be helpful to share some information I've gathered and see if others have more data points during the current hot lateral market

Pay USD equivalent (either USD directly or USD converted to CAD at FX)

Evercore

JPM

Lazard

Rothschild

Pay USD equivalent for either base or bonus only

Citi (USD for bonus)

Pay CAD

GS

Comments (37)

Most Helpful
  • Associate 2 in IB - Cov
Jan 26, 2022 - 2:27am

Barclays pays the CAD "equivalent" (they choose some sort of flat FX, but generally in-line) of the corresponding USD base. So US$150K -> C$180K etc 

  • Analyst 1 in IB-M&A
Jan 26, 2022 - 5:06pm

At least at the junior levels they scale in line, as far as I can tell. 

  • Analyst 2 in IB - Cov
Jan 26, 2022 - 12:09pm

Citi pays in CAD with fx adjustments only for bonus. 

Base salary is what they pay in the US but in CAD i.e. C$100k for first years 

  • Intern in IB - Gen
Jan 26, 2022 - 4:08pm

How is Rothschild Toronto. I know it's metals and mining and it's a split office with DC, but how is deal flow?

  • Analyst 1 in IB - Cov
Jan 26, 2022 - 10:29pm

Probably in line with U.S. offices

Jan 26, 2022 - 5:48pm
Bay Street Fool, what's your opinion? Comment below:

Are the bonuses all-cash at these places? Making $400k in-in and paying 53% marginal tax rate over $250k sounds painful.

  • Intern in IB - Gen
Jan 26, 2022 - 7:59pm

Wait until you see how expensive housing in Canada is. Idk about Toronto, but Vancouver is the second most expensive city in the world for housing right after Hong Kong. 

Jan 26, 2022 - 11:00pm
Bay Street Fool, what's your opinion? Comment below:

Looking at home sale postings is so discouraging. Work you but off -> make $250k -> pay 40% in tax -> barely qualify you for a detached home in TO/VAN.
I don't feel sorry for home owners who have dipped into their equity to put down payments on investment ppties if it comes crashing down.

  • Prospect in IB-M&A
Jan 27, 2022 - 11:36am

Do the locals have a shot at buying RE or is it all just foreign buyers?

  • Prospect in IB-M&A
Jan 26, 2022 - 8:38pm

Sorry when u say USD equivalent, do you mean the USD amount but in CAD (i.e for EVR 120k CAD base for A1s) or the USD amount fx adjusted to CAD?

  • Prospect in IB-M&A
Jan 27, 2022 - 11:25am

Do most of the banks that pay in USD (fx adjusted to CAD) adjust for a lower fx rate than usual? Or else EVR AN1 base in Canada would be like 150k? I recall a buddy at JPM getting around 95k CAD previously in their Canadian office back when their base was 85k USD (taking the actual fx rate would've made it ~110)

  • Analyst 2 in IB - Cov
Jan 27, 2022 - 11:53am

At the end of the day, it's the all-in comp that matters. All of the legit BBs and EBs in Toronto will pay a premium to the Canadian banks

I think most (if not all) of the global s are at or above C$100k base for first year analysts now, with the EBs reaching $115-125k base. These firms also increase analyst base each year by $10-15k 

All in comp this past summer for top first year analysts at global banks was generally C$195-200k, with some standouts making more

  • Analyst 2 in IB - Cov
Jan 30, 2022 - 12:12pm

unfortunately most industries in Canada pay lower relative to the US (big law, accounting, tech, PE, medicine)

Agreed on cdn bank IBD comp...it's ridiculously low. It's also why people lateral to join BB/EB offices in canada - there is a pathway to $400-450k+ as a senior associate which is much better than big 5

  • Prospect in IB-M&A
Feb 1, 2022 - 2:58pm

Takes an even bigger drop in CDN PE. Know friends of mine making more as 1st and 2nd year IB analysts in US than some principals at pe shops, pensions in TO. Makes no sense

  • Prospect in IB - Gen
Mar 22, 2022 - 7:40pm

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  • Intern in IB-M&A
Feb 7, 2022 - 5:14pm

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