Calgary IB Rankings

CalgaryIBD's picture
Rank: Chimp | 11

Hello,

Currently a sophomore and going to be doing PE in Toronto this summer but want to go back home to Calgary afterwards and do banking.

Lots of the information on the site for Calgary is dated and almost all of the O&G info stuff is Houston focused. I just wanted to get a more current picture of what the landscape is like in Calgary and how the different banks compare.

In particular:
How do the Canadian shops rank with one another and the non-satellite BB's? (Deals, Hours and Comp)
How are the exit opportunities for Calgary IB?
Also where are the best resources for Canadian energy news?

Thanks in advance.

Comments (17)

Mar 5, 2017

Are you doing a pension-fund PE internship or an internship with a firm that solely focuses on PE? Depending on which, I'll toss up a list where you'll have the best chances (I know the guys in particular Calgary banks have preference for one over the other), though I know that doesn't necessarily answer your q about rankings.

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Mar 5, 2017

It is the latter. Non-energy related firm but I have some previous experience in O&G

Mar 5, 2017

Don't know the full story in terms of rankings as I'm in IM, but from what I hear and see in terms of deal flow RBC is top. Scotia's Waterous recently left to start up his own PE fund.CS has been building up their team (absorbed a bunch of Peters guys).

Within Calgary, there are PE and IM funds that focus on both O&G and non-O&G (e.g. for PE, Arc is E&P, TriWest is more diversified), although O&G is the city's bread and butter. RBC analysts get a lot of love for the bigger PE funds, but that's not to say you won't get a shot coming from different shops or even non-IB backgrounds; the positive for Calgary is that it's generally less competitive than TO.

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Mar 5, 2017

RBC for deals
JPM for JPM
CS for summer pay

Mar 5, 2017

Worth noting that RBC has had problems with analyst retention given the demanding culture and hours, a lot leaving for PE as well as other banks.

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Mar 10, 2017
Best Response
Mar 10, 2017

Using a throwaway, because my main account is too recognizable and people will identify me otherwise. I work at one of the Canadians in Calgary.

The industry is predominantly dominated by Canadian banks in Calgary, with a small, but growing presence of bulge brackets. Boutiques do a lot of the middle-market to upper-middle-market deals.

Canadian Banks:
RBC - as @IBank123 has mentioned, serious analyst retention problem. God awful culture from what I've heard, I've seen a couple of analysts leave to the big Calgary PE shops (Arc, Azimuth, couple guys to Triwest etc.) but the majority just go to other Canadian/American banks. RBC Rundle (A&D desk) is also good here, if you want exposure to that side of the business. RBC analysts can do a 6 month rotation to Rundle. Probably the best exits of the banks in Calgary, but be prepared to work very long hours under a lot of pressure
BMO - great culture, little turnover. Loves hiring from UofA's PRIME program (I believe most of the analysts are from there), so you'll be facing stiff competition if you're from out east. Couple people hired from Macquarie and some left recently for CPPIB.
TD - similar to BMO. Lots of drinking, cowboy type culture. Decent dealflow, probably the best hours of the Canadian banks.
CIBC - decent culture, errs towards the harder working side. Lots of females in the shop. Has two groups in Calgary - O&G (oil and gas) and P&U (power and utilities), which is jointly run out of Calgary and Toronto. If you're interested in working on more power related deals P&U is probably the best place to be.
Scotia - more relaxed hours, decent dealflow. Somewhere in the middle of the above. No very notable exits recently, outside of Adam Waterous who ran the bank.
National - not much dealflow compared to the other Canadian banks, similar hours. Not a very strong brand name in Calgary. Good group of people, however.

Bulge Brackets:
JPM - has been doing very well lately. Some big advisory work and have been growing rapidly in the Calgary market. Also good A&D desk if you want more exposure to that. Very long hours.
GS - big name but little presence in Calgary. They have a strong physical gas trading floor in Calgary, but as far as IBD goes, not much in the way of Calgary.
MS - similar to GS, except no trading presence either. Avoid if you can.
Citi - similar to MS, except even worse brand name. Definitely avoid.
BAML - similar to Citi. Definitely avoid.
Wells Fargo - similar to BAML. Definitely avoid.

Boutiques:
GMP FirstEnergy - big energy boutique in Calgary, just acquired by GMP. Anecdotally, guys here were paid the highest on the street, not sure if thats true anymore. Been slashing staff since the downturn, so probably very difficult to get hired here. Exits from FirstEnergy probably limited to Calgary
Peters - other big energy boutique. Very cerebral/academic culture, lots of former accountants. Good dealflow, but similar to FirstEnergy, exits limited to Calgary
Macquarie - long hours, no dealflow. Macquarie better known for its infrastructure practice out of Vancouver. Heard the MD (Sandy Edmonstone) gets his analysts to make protein shakes for him. Definitely avoid.
Cormark Securities - small shop, no dealflow. One analyst, dude is like 35. Avoid, although I doubt they'll even hire anyone.
Raymond James - great equity research, good trading, not much in the way of IBD.
Tudor, Pickering, Holt - new energy-focused boutique from Houston. Newer office, seem to be growing pretty quick. Don't know much, but seems interesting.
Laurentian - I see them poaching people, but never on any big deals. Don't know much.
Animus Capital Partners - new guys on the street. Don't really know much about them, but they seem to be poaching a couple people from other banks.

This probably will help you a lot (can't post links with a throwaway, just replace the DOT):
https://twitterDOTcom/YYCStreetMoves

    • 15
Mar 11, 2017

+1 agree with this

Mar 12, 2017

Fantastic, thank you so much

Mar 15, 2017

You're very welcome. Best of luck with recruiting

Mar 15, 2017

Great summary. Any info on European shops? CS and Barclays have an IBD and equity research presence in town but I have no knowledge of these groups beyond that. UBS shut down operations last year. Not sure if DB ever had an office.

Mar 31, 2017

.

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Mar 17, 2017

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Mar 11, 2017

Canadian deal flow is the biggest joke in this thread. Besides, why would you want to move to Calgary? Only if you're into bestiality I suppose.

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Mar 12, 2017

I am from Calgary so yes bestiality is what I am into

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Sep 26, 2019

Bumping an old thread but wondering, do the boutiques in Calgary look to recruit undergrads for full time roles? If so, when does this recruiting usually happen? I'm assuming later on vs the big5 and BB timelines?

Sep 26, 2019
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