Big 5 Canadian Bank (RBC / TD / BMO) vs Global Bank (MS / GS) in Canada

What do people think about working at a top group in a big Canadian bank such as RBC / TD / BMO vs working at a Canadian office (specifically Toronto) of a global bank such as MS / GS?

I understand that the global names have more recognition and prestige, but does that imply better deal experience?

Also, are the exit opportunities materially better for one over the other? If one wants to move to a Canadian PE shop (Onex / Brookfield / Altas), would the MS / GS brand name outweigh working at a RBC / TD / BMO?

Would appreciate any insights on this topic!

 

Canadian PE shop - does not matter.

Going to the US - RBC is best, GS/MS are good but don't expect the name itself to carry direct looks into a UMM/MF NY/SF exit like a GS/MS NY/SF would - HHs know the difference and there is definitely an American T1 city premium - will usually have to lateral intra-bank cross-border first and then exits galore. Generally speaking RBC M&A has the best exits for anything (have seen tons of Evercore NY laterals from that group, some solid NY MM placements too), Canada or US-related. BMO M&M good too.

Brand as a whole, I think RBC is still just the strongest. For lifestyle and comp, I've heard great things about TD. With other banks, I think CIBC and Scotiabank are lesser known of the Big 5 in the US although for Houston, I think Scotiabank is not bad as they used to punch above their weight there - not sure now.

 

BMO has a bigger presence in US because of their Harris Williams / Harris affiliate. People are very aware of their IB presence. TD is mostly just known as a retail bank in the US. But like I mentioned in my original comment, it shouldn’t make a difference for Canadian PE recruit. For Canada, to me, I think being in a M&A group - any M&A group from any bank - vs an industry group (obviously other than the ones each bank is known for like BMO MM, CIBC P&U, etc) might be more meaningful than pure bank-to-bank distinction.

 
Most Helpful

Associate at a top big 5 so happy to chime in - if you're looking for U.S. MF PE exits, GS / MS beats any Canadian bank lights out. Brookfield, Onex, Altas, etc. and other top PE firms in TO like RBC given RBC has a longstanding relationship with the firm / key decision makers, and often act as the house bank for a number of the larger sponsors. Will also look at TD / BMO. I wouldn't say you're disadvantaged to i.e. an RBC M&A for the aforementioned shops if you're coming from a satellite BB, however they understand the intricacies of deal staffing and which office drives execution (i.e. RBC M&A definitely gets a lot more reps of seeing deals from beginning to close), so I'd say that levels off any incremental "prestige factor" that the satellites have. Brookfield / Onex / Altas understand the Canadian M&A landscape, whereas U.S. domiciled MF PE still think of RBC as a MM bank so hold more weight to the prestige factor.

Can exit to MM / LMM PE or pension funds from any of the Big 6 or reputable independents (CG, Stifel, etc.). I've seen pension funds swimming increasingly "downstream" these days and are considering candidates from Big 4 with an audit/TAS/corporate finance background as well (not a knock on candidate quality, but rather an observation vis a vis precedents dating back a few years).

 

HHs are generally aligned with how PE firms think about candidates because they're instructed to do so. Obviously HHs can layer in their own perspectives based on prior experience (and can flag them as insights or suggestions), but if Brookfield wants someone from RBC M&A, the HH isn't going to piss off their client by changing course. All a headhunter does is bring in strong leads that have a high probability of closing (which translates to fees for them) - whether that candidate comes from GS or MS or RBC ultimately depends on what the client wants and how the candidate stacks up against the rest. 

 

Will get looks from any of the Canadian PEs given recent strength in the league tables, although as mentioned by someone else often times PE firms recruit where they've had success historically. It takes years of sustained performance (and attracting top tier talent) to change recruiting trends, so a bit premature given TDs rise in dominance in the capital markets doesn't date back very far in the context of how long the PE firms have been around for.

All to say is you'll likely get the interview (assuming deal experience and other criteria stack up) but it'll be up to you to convince the person on the other side of the table why they should hire you over someone from RBC M&A.

 

Omnis voluptatem eum ipsam distinctio consequatur repellat est. Aut ut eos at voluptas praesentium. Sed nihil unde nisi quia. Explicabo accusantium dignissimos molestias officiis facilis ut aspernatur.

In exercitationem iure aperiam voluptatibus fugiat. Corrupti enim ipsum harum cum qui laborum non. Et ea enim possimus quia sequi architecto. Sapiente optio dolor qui maxime distinctio.

Commodi libero odio vel quia quo est tempore. Id incidunt quod iure et et.

Ad repellendus rem numquam adipisci et. Aut sint nihil officiis porro.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
DrApeman's picture
DrApeman
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
kanon's picture
kanon
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”