Canada Investment Banking

What are the reputations of the different banks' investment banking divisions in Canada?

How does a stint at one of these appear on a resume if one would like to move down to the States one day and work in IBD there?

Also, do you any of you know the timelines for SA recruiting at the big Canadian banks?

 

Came from Canada but now working in NY. It is pretty much the same, tbh, although the Canadians (RBC, CIBC, Scotia, TD, BMO) are viewed more positively in Canada than in the US. BBs are present, with MS, CS and BAML probably the most active in IBD. GS has a relatively smaller presence and is focused mostly on M&M and I believe Citi / JPM do mostly capital markets in Canada.

RBC views itself as the Canadian GS, and is probably right in that regard. BMO is one of the best globally in metals and mining and a has a couple other decent groups. CIBC M&A used to be a top group before all their top guys left to form Genuity (now part of Canaccord Genuity, a fairly prestigious local shop which pays well), but has come down a bit although quite good. Scotia and TD make most money lending but have some okay groups.

EBs / MMs are somewhat visible - EVR just opened an office, CG (as noted above) is pretty good, GMP does (and pays) very well, Greenhill and Rothschild have small offices but both stay busy.

There a TON of boutiques - Paradigm, Crosbie, CCC are probably some of the more well known shops.

Any of the BBs / EBs / MM (except maybe GMP) and RBC have offices in NY you could transfer too. That said, the most important thing is experience - take it where you can get it and apply for a job in NY when you get experience.

Recruiting is generally the same as the US, but for smaller offices is more of on an ad hoc basis

 

RBC is ranked fairly high (considered top 10 globally in previous years) and I imagine most of the action happens in its Canada offices. What do you think about their NY office in terms of deal flow and exit ops?

>Incoming Ash Ketchum, Pokemon Master >Literally a problem, solve for both X and Y, please and thank you. >Hugh Myron: "Are there any guides on here for getting a top girlfriend? Think banker/lawyer/doctor. I really don't want to go mid-tier"
 

The culture in investment banking is more modest in Canada. Don't lose your enthusiasim, just don't go over the top.

In addition, there are a lot of qualified people going for very few positions in Canada. Sometimes they point out stuff as feedback because they have to come up with something.

My view is that if you got to final rounds and didn't act like an ass, you probably did just fine.

 

yescanada is right - the competition is tough, and you can be rejected even if they liked you.

as for culture... RBC - hierarchical, work hard CIBC & td - nicest people scotia - fratty assholes Merrill - they're dying but have a superiority complex from the name

 

National Bank seemed to have an inferiority complex when I interviewed with them. Quote: "We mostly co-manage. When companies think of an investment bank to lead a deal, National Bank is usually never at the top of their list." While every bank has a certain culture, you will get a whole mixed bag of personalities during the interview process.

 

i think you are missing a bunch...for one Tom Weisel is missing (well it was acquired by another shop that starts with an S forgot the name), also CORMARK is missing. somewhere on this site someone has a list for toronto shops

 
dazedNconfused:
i think you are missing a bunch...for one Tom Weisel is missing (well it was acquired by another shop that starts with an S forgot the name), also CORMARK is missing. somewhere on this site someone has a list for toronto shops

Sifel Nicholas - I believe that's what you're referring to.

A few others that come to mind...

CCC Investment Banking Mackie Research Capital Crosbie & Co. Haywood M Partners Bloom Burton & Co. Jacob Securities Dundee Clarus Securities Fraser Mackenzie Jennings Capital

 
Best Response

Here's a list of all the names I have in my Capital Markets contact spreadsheet. It's sent around to everyone on the street so it should be pretty comprehensive.

Acumen Capital Finance Partners Ltd AltaCorp Capital Inc Bank of America Merrill Lynch BBS Securities Inc Beacon Securities Ltd BMO Capital Markets Ltd Brant Securities Ltd Brookfield Financial Corp Byron Capital Markets Ltd Canaccord Genuity Corp Casimir Capital Ltd CIBC World Markets Inc Clarus Securities Inc Cormark Securities Inc Credit Suisse Securities (Canada), Inc. Desjardins Securities Inc D&D Securities Company Dundee Securities Corp Euro Pacific Canada Inc Fidelity Clearing Canada ULC FIN-XO Securities Inc. FirstEnergy Capital Corp Fraser Mackenzie Ltd GMP Securities LP Global Securiies Corp Goldman Sachs Canada Inc Hampton Securities Ltd Haywood Securities Inc HSBC Securities (Canada) Inc Industrial Alliance Securities Integral Wealth Securities Limited IPC Securities Corp Jennings Capital Inc JitneyTrade Inc. Jones, Gable & Company Ltd Kingsdale Capital Markets Inc Lakeshore Securities Institutional Partners Laurentian Bank Securities Inc Leede Financial Markets Inc Lightyear Capital Inc Loewen, Ondaatje, McCutcheon Ltd M Partners Inc MacDougall, MacDougall & MacTier Inc Mackie Research Capital Corporation Macquarie Capital Markets Canada Ltd MGI Securities Inc (recently purchased by Desjardins) Manulife Securities Inc Morgan Stanley Canada Ltd National Bank Financial Inc NCP Northland Capital Partners Inc Newedge Canada Northern Securities Inc Octagon Capital Corp Odlum Brown Ltd Paradigm Capital Inc Penson Financial Services Canada Inc PI Financial Corp Pope & Company Ltd Raymond James Ltd RBC Capital Markets Inc Stonecap Securities Inc Scotia Capital Inc Sora Group Wealth Advisors Inc Stifel Nicolaus Canada Inc Peters & Co Ltd Salman Partners Inc TD Securities Inc Toll Cross Securities Inc Topleft Securities Ltd UBS Securities Canada Inc Union Securities Ltd Versant Partners Inc Wellington West Capital Markets Inc (recently purchased by National Bank) Wolverton Securities Ltd

 

i'm canadian but i'm working in new york at the moment...would like to head back to toronto eventually

school: university of toronto city: nyc, originally from toronto firm: "european bank" - m&a

 
AA:

Last I checked, the investment banking team in Toronto consists of 4 bankers (2 Analysts, 2 MDs). Heard the MDs are really good about giving the analysts execution work and just because it's a coverage office doesn't mean you won't be modeling as an analyst.

Why wouldn't you want to be doing modeling as an analyst? How else would one learn deal structuring, valuation, etc.?

Plus modeling >>> pitchbooks.

 

bapebanker, you went to Princeton but never learned to shut your mouth when you don't know what you're talking about?

Pay in Canada is equal to slightly higher than U.S. at the analyst levels (1st years get $60-75k salary plus the typical 50-120% bonus), comparable to slightly lower at the associate level, and much lower as you go further up.

As for the OP, do a forum search. In my opinion, RBC and CIBC (M&A) are really the only Canadian banks worth being at (and with CIBC scaling back in the States, even it's iffy); GMP is a strong boutique...BMO, TD and Scotia will all limit your exit options if you're looking at going to PE or an American bank.

If you plan on staying in Canada, you may not need an MBA. Canadian banks will frequently promote analysts to associate (and then higher).

 

Says the intern... RBC and CIBC M&A are the top groups. However, if you are good, you can go into PE or a US bank from anywhere. Being in an M&A group at any bank makes it easier, but your career isn't "over" if you end up in an industry group somewhere. Scotia, Genuity, TD, BMO, wherever. Despite the impression some people have, performance does matter and headhunters don't blindly target the analysts from one or two groups, ignoring everyone else. Find a place with people you like and tear it up. Common advice but true. Also, with regards to CIBC. Nesbitt is a huge fan of advisory because it produces massive fees with little capital or risk. CIBC M&A will be an excellent place to work for a long time.

Bay Street is so small that it isn't the biggest deal where you start. Get your foot in the door and then worry about what you want to do next.

 

1 CIBC World Markets Inc. 117 2,689 165 2,014 282 4,703 2 TD Securities Inc. 36 1,275 233 2,806 269 4,081 3 RBC Capital Markets 88 2,217 127 1,729 215 3,945 4 BMO Nesbitt Burns Inc. 60 1,594 188 2,341 248 3,935 5 Scotia Capital Inc. 50 1,535 166 2,138 216 3,673 6 Canaccord Capital Corporation 120 993 277 2,253 397 3,246 7 National Bank Financial Inc. 29 548 201 2,434 230 2,982 8 Blackmont Capital Inc. 73 257 196 1,550 269 1,807 9 GMP Securities LP 75 1,013 97 705 172 1,718 10 Raymond James & Associates, Inc. 30 270 184 1,395 214 1,666 11 HSBC 2 64 135 1,502 137 1,566 12 Desjardins Securities Inc. 19 191 133 1,326 152 1,517 13 Sprott Securities Inc. 41 462 87 810 128 1,271 14 Dundee Securities Corporation 43 208 138 890 181 1,098 15 Wellington West Capital Markets Inc. 18 81 124 960 142 1,041 16 FirstEnergy Capital Corp. 25 170 81 688 106 859 17 Haywood Securities Inc. 52 266 69 480 121 746 18 Orion Securities Inc. 20 187 64 500 84 687 19 Tristone Capital Inc. 15 126 61 378 76 504 20 Westwind Partners Inc. 16 214 34 252 50 465 21 Peters & Co. Limited 18 166 32 279 50 445 22 Genuity Capital Markets 5 125 20 300 25 424 23 Merrill Lynch & Co. 3 123 10 247 13 370 24 Richardson Partners Financial Ltd. 0 0 40 337 40 337 25 Research Capital Corporation 22 84 37 224 59 308 26 MGI Securities Inc. 16 103 38 201 54 305 27 Trilon Securities Corporation 0 0 22 293 22 293 28 Salman Partners Inc. 6 69 30 194 36 263 29 Acumen Capital Finance Partners Ltd. 27 126 29 137 56 263 30 Paradigm Capital Inc. 17 97 24 128 41 225 31 Pacific International Securities Inc. 34 115 28 103 62 218 32 Berkshire Securities Inc. 0 0 36 194 36 194 33 Jennings Capital Inc. 24 138 16 55 40 193 34 Pareto Securities ASA 3 186 2 6 5 193 35 Octagon Capital Corporation 11 42 21 106 32 148 36 Bieber Securities Inc. 1 0 21 125 22 126 37 IPC Securities Corporation 1 3 16 110 17 113 38 Clarus Securities Inc. 6 28 19 84 25 112 39 Versant Partners Inc. 4 11 14 101 18 112 40 J.F. Mackie & Company Ltd. 2 36 10 67 12 103 41 Maison Placements Canada Inc. 4 13 12 88 16 101 42 LOM Limited 8 35 11 63 19 99 43 Acadian Securities Inc. 1 3 14 95 15 98 44 Northern Securities Inc. 18 44 10 38 28 82 45 Dominick & Dominick Securities Inc. 14 32 9 26 23 57 46 Citigroup Global Markets Inc. 0 0 2 56 2 56 47 Deutche Bank AG 0 0 2 56 2 56 48 UBS 2 37 1 18 3 55 49 Laurentian Bank Securities Inc. 1 1 6 51 7 53 50 Toll Cross Securities Inc. 5 16 11 35 16 51

 

Boutiques in Canada are a joke. The market is not big enough even for the big 6 banks let alone for these minnows.

CDN boutiques is what retired IB'ers do when they get bored of golfing or fishing up north.

 

We were discussing canadian boutiques. How do UBS, GS, MS etc fall in that category??

Yes, the canadian boutiqes have done good in the oil and gas sector last year, reason being that some of the guys running these boutiques already have huge personal stakes in most of the mining and oil companies in alberta.

 

Goldman and ML have investment banking offices in Calgary, others may have commodity trading offices. UBS has some equity research but no investment banking. None of the U.S. firms have announced many transactions and generally are "elephant hunting" for the big deals. HSBC has an office and is on the periphery on some financings but is otherwise not a player. Lehman, CS and Citi are looking at shops but need to buy an MD's rolodex and haven't been able to scoop anyone yet (despite ample headhunter searches).

I agree that the U.S. bulge is not considered boutique and nor should they be.

The Canadian boutiques have done well because they do a large volume of low value transactions (like private placements of up to C$10 or C$20 million). Low-value transactions tend to have very good underwriting spreads (like 7% fees plus 7% broker warrants) on high-risk deals. Boutiques generally have good placement capabilities and equity research for very high-risk companies and dominate "small junior" sector of the Canadian energy space. Once those companies grow up (ignoring the ones that don't succeed) the Canadian banks dominate the space. Canadian banks also dominate the trust and senior space for Canadian deals (U.S. banks can get involved in Cross Border deals, but then infrequently). The boutiques generally get smaller syndicate roles in public transactions run by the Canadian banks.

The other boutique strategy in Canada is to do A&D, which is really M&A for assets. They are successful because they bring in geologists and petroleum engineers to do technical analysis and presentations. It's a lower-margin business than M&A but still quite profitable.

Major boutiques in Calgary are GMP, Canaccord, Tristone, RayJay, Peters, First Energy, Blackmont, Orion, Sprott and a few others barely worth mentioning. Genuity is very far from a player. Principals in most firms get to co-invest in private placements and due diligence is almost non-existant. They pay quarterly bonuses which is attractive but leaves you more open to market cyclicality. Quarterly bonuses and ability to co-invest and take broker warrants are attractive options for bankers but there is almost no coming back to a major investment bank after joining a boutique.

 

Have to agree with the above. Cold email/call your ass off, a lot of them are pretty welcoming to grab a beer or coffee. A lot of the boutiques have lean operations, and as one MD put it, they only hire relatives of clients...

 

There are some pretty good ones specific to energy and mining, non-existant after that give how big those 2 industries are in Canada.

I went from a bank-owned dealer to a boutique and couldn't be happier. Generally, less bullshit and in my case, more money. Theres also the opportunity to get in on pro-eligible private placements.

The trick to finding a good boutique or MM is the quality of management. For example, most shops saw some broad costcutting over the last few years where as nothing happened with us because the senior partners absorbed the difference. Fewer trips to Vegas/Macau in recent years but don't have to get permission to use the color printer (like one bank I know of).

 
kalga:
Far fewer IB jobs than London/NYC given a much smaller market. Although you can make quite a bit of money compared to those cities given the current environment thanks to the stability of the banks. Some BBs satellite offices will even start 1st year analyst salaries at >90K but they typically only hire 0-1 a year.
Hmm, I am planning on doing an engineering degree from UofT, which I guess isn't as much as a target as IVEY, Queen's commerce et al, but I was hoping being in Toronto would give me the opportunity to cold call some firms and get work experience that might help with getting a job. Is the number of jobs available so low that this is highly unlikely to work?
 

no, you can find jobs in Canada. The IB market is much smaller compared to the US but there are also 10 times less people in Canada than in the US. Competition will be stiff just like any other country but it shouldn't be much more stiff than here in the US. I have some friends who work in major banks in Montreal, Calgary (big energy market), Toronto, and Vancouver. Most got their jobs through networking and their career placement and coop program. But, if you want an edge, Ivey is definitely where you wanna be.

 

I'm at Imperial right now and I can tell you TONS of people go into banking from Imperial.

Also Imperial has the highest suicide rate and dropouts in the UK. (If you ever wonder why Queens Tower is off-limits)

But if you want to work in New York, Imperial won't be good. If you want to work in the City = good.

 
DorianGray:
I'm at Imperial right now and I can tell you TONS of people go into banking from Imperial.

Also Imperial has the highest suicide rate and dropouts in the UK. (If you ever wonder why Queens Tower is off-limits)

But if you want to work in New York, Imperial won't be good. If you want to work in the City = good.

Hey could I ask what subject you are doing at Imperial? I have a few questions if you are taking something like EEE/ISE if you don't mind...
 

I am a UofT engineering grad and all I can say is: if you are not truly committed to engineering stay the heck away from UofT engineering. It WILL screw up your GPA. It is a world-class program and it demands a LOT before it gives you a degree. Do not underestimate the difficulty of the program.

Btw if you know you want to be in IB, then why are you considering engineering? Wouldn't a BCom/HBA be a better fit? Banks in Canada, especially in this economic climate, very much prefer if you have a business degree. Plus you will actually have a life and get to enjoy your undergrad years.

If you don't mind telling me, what's your major going to be? If it's mining engineering you have a very good shot at metals and mining focused bank/ER shop if you spend a summer or two in the mines and do CFA. If you are in ECE/Mech/TrackOne/whatever then it's going to be an uphill battle.

 
IRSPB:
I am a UofT engineering grad and all I can say is: if you are not truly committed to engineering stay the heck away from UofT engineering. It WILL screw up your GPA. It is a world-class program and it demands a LOT before it gives you a degree. Do not underestimate the difficulty of the program.

Btw if you know you want to be in IB, then why are you considering engineering? Wouldn\\'t a BCom/HBA be a better fit? Banks in Canada, especially in this economic climate, very much prefer if you have a business degree. Plus you will actually have a life and get to enjoy your undergrad years.

If you don\\'t mind telling me, what\\'s your major going to be? If it\\'s mining engineering you have a very good shot at metals and mining focused bank/ER shop if you spend a summer or two in the mines and do CFA. If you are in ECE/Mech/TrackOne/whatever then it\\'s going to be an uphill battle.

It\'s ECE... At the time of applying I thought the topics in ECE/engineering in general were a bit more interesting to pursue academically than commerce courses at undergraduate level. And I thought it\'s easier to learn finance by yourself than the other way around... Do you think it\'s going to be an uphill battle because IBs in Canada much prefer finance grads over engineers, or is it the workload of the degree?

How did you find your course? In terms of support from teachers, resource available etc. Does the workload affect your social life that much?

 

An engineering degree + energy/mining experience also gets you a lot of love in Canadian IB given the technical nature of those industries (assuming you can answer basic technicals during interviews). I would definately agree Ivey is probably has the strongest placement for IB in Canada but also keep in mind which market you want to work in.

 

I am an ECE grad too. Here\'s my experience:

ECE at UofT is top notch and is in the top 5-8 in North America. Even though the profs are excellent and a lot of them have their PhDs from MIT/Stanford type schools, there will be little to no hand holding. You are supposed to take initiative and do the work. You will be treated like an adult. Be prepared to do a LOT of work if you want to keep your GPA high (3.5+). Seriously, don\'t underestimate the amount of work you have to do. I did and my GPA took a beating.

The courses themselves were okay. 1st and 2nd year was hard. 3rd and 4th year were much better. Social life is what you make out of it. It\'s not going to be easy but you can have a social life if you can juggle your work-load but obviously you will never have the free time of a non-engineer.

IB is going to be tough for anyone in Canada given the small market, going to UofT ECE is just going to make it that much more harder. I don\'t mean to discourage you but it\'s not going to be easy. BUT....if you have a 3.5+ in ECE MBB/ATKearney/Oliver Wyman etc will at-least give you an interview. Many engineers have successfully switched over to MC. I don\'t know whether you are interested in MC but keep this in mind : Engineer -> MC is much easier than engineer -> IB. In my 4th year I saw IB job postings for OCR and pretty much all of them specified that they wanted Commerce/Econ degree. MC otoh specified that they wanted engineers.

 

Ducimus et nulla id laudantium inventore iste. Perferendis labore id culpa qui corrupti laudantium ipsa. Omnis omnis iusto consequatur enim eius enim omnis.

 

Aperiam perferendis impedit praesentium sapiente facilis. Unde ipsa et eveniet unde voluptas autem. Magnam et animi sapiente atque odio veniam.

Necessitatibus suscipit provident id voluptatibus recusandae sit laborum et. Quis nihil quisquam animi dolorem blanditiis dolorem et. Deserunt quidem eos modi. Voluptatem dolorem molestiae sequi fuga consequatur laudantium. Eum in et molestiae excepturi iste. Occaecati rerum quia optio nesciunt ipsum aut ea.

Inventore quia expedita debitis similique explicabo velit porro. Magni odio dolor officia quis non placeat.

Velit est consequatur ipsa rem. Repellat in eveniet nam fugit voluptas non quasi illum. Expedita sed quia qui eligendi odit quia.

 

Optio cumque consequatur et ab beatae ex nostrum id. Sequi sit ipsa ipsa sunt est rem. Modi nesciunt occaecati quaerat facilis necessitatibus perspiciatis sit.

Minus veniam aut et quam laboriosam pariatur sunt in. Maiores explicabo eos delectus sit illum. Doloremque ratione qui consequuntur quasi laudantium molestias.

 

Laudantium dolor distinctio quo dignissimos laudantium porro et. Voluptas voluptatum suscipit molestiae qui dolores. Ipsa vel dolorem dolores. Earum rerum aut occaecati officia iure.

Nihil quo tempore velit sit distinctio pariatur reiciendis. Quod officiis at ipsa deleniti voluptas in praesentium. Mollitia earum maxime molestiae fuga.

Et incidunt perspiciatis quod beatae dignissimos. Nisi voluptatem sint impedit dolores saepe aspernatur. At recusandae consequatur nemo qui quibusdam eum. Porro in repellat nam saepe explicabo voluptate veritatis.

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
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
DrApeman's picture
DrApeman
98.9
7
kanon's picture
kanon
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
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...”