Latest on BBs / EBs in Toronto?
Looking for latest intel on satellite offices in TO (especially helpful if can comment on the post-COVID environment). Interested in names i.e. GS, MS, CS, Barclays, BofA, Evercore, Lazard, Greenhill, etc. Mainly interested in data at the analyst / associate / VP level.
Hoping for a few datapoints:
- Industry coverage breakdown for generalist programs (approx. % of time allocation to individual sectors, when you start specializing, etc)
- Hours / general sweatiness
- Similar to the bullet above but how meaningful the work is (i.e. thoughtless, dense pitchbooks that go nowhere or majority of time spent on execution)
- Comp
- Thoughts on senior leadership
Looking to lateral as an experienced senior analyst / associate so hoping to find a shop that fits my what I'm looking for long-term. Thanks in advance
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Have friends at a few of those shops plus can reiterate what I've heard anecdotally given no ones taken a shot (feel free to correct)
In general all these firms will pay above what the Canadian banks pay, some pay slightly more others pay a lot more (due to being paid USD converted)
Pretty sure all the Analysts/Associates at the EBs/BBs in Toronto are generalists with a few exceptions for metals and mining / O&G groups (e.g. CS). Have heard all around really good things about MS and CS in terms of culture, deal flow, comp etc. although don't have insight into how CS Toronto has been affected by CS's global restructuring. All these shops can be very sweaty given smaller team sizes but GS in particular is known to be extremely sweaty as they mainly work with / get staffed by NY so not much execution work. Historically Barclays has been really strong but recently there's been a lot of turnover I think due to global headcount reduction but it's still probably one of the strongest BBs in TO.
In terms of the EBs it's a bit harder to gauge meaningful work - given EBs are also generalists they probably do a bunch of activism / Rx / private capital advisory stuff that doesn't get publicly announced but all three will do a few big deals a year that end up in the news. Don't know much about Lazard other than its the smallest of the three. Evercore is known for having an insanely good comp to WLB ratio and I think they mostly do large metals and mining deals based on what's publicly disclosed. Greenhill Toronto has done a lot of big / high profile deals the past few years and not just metals and mining / O&G which is interesting. They also seem to have added headcount relatively quickly but have also heard that's its by far the sweatiest of the three.
So if you are planning to do A2A and perhaps stay in IB for a good chunk of time, would EVR be the top choice? Asking because PE scene in Canada seems to be unattractive and genuinely considering being an IB lifer.
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