Know there's a few threads kicking around but most are a year or two old and not many anecdotal datapoints - mainly looking for feedback on comp / wlb / industry focus. Have a good grasp of the overall TO IB landscape so not looking for generic broad strokes - ideally firm specific feedback would be helpful (analyst / associate rather than SAs)
Thanks in advance
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Analyst 3+ in IB-M&A, way too quiet in here. What about these resources:
More suggestions...
Fingers crossed that one of those helps you.
Based on friends who have worked here, the EB overview provided on this thread is fairly accurate: https://www.wallstreetoasis.com/forums/toronto-elite-boutique-landscape. I'd say out of the EB's in Toronto Greenhill has probably had the best exits in the past few years.
In terms of BB's, CS pays the most as it comps Canadian bankers in USD, but they also work hard. Focus is on diversified and natural resources. Heard GS doesn't execute much in Toronto and is focused on NR, but can't comment on comp. I knew a few analysts at MS/UBS and heard both were sweaty, but they are now a few years removed so this is outdated. Probably not as specific as you'd like but hopefully somewhat helpful. I'd say the takeaway is that on average, if you want to stay in Canada and become a career banker, Big 5 is a safer bet. If you see yourself moving to NYC, then using the BBs/EBs as a spring board is a great option to finding a seat at a top bank.
Thanks, appreciate the thoughts. I'm an A2A at a top big 5 covering a pretty active industry, but its a pretty hot lateral market right now so thought it makes sense to do some intel gathering to do my own benchmarking. Particularly torn as I'm fairly well paid (in the context of Big 5 comp), am given a lot of runway in my group and get along well with everyone on the team. If I were to make a move, I have to be 100% confident it's worth the trade off (i.e. $10 - $30k/yr won't do it for me) and hitting restart on all the goodwill accumulated at my current firm / group. My ideal situation would be a group that still has strong deal flow, decent WLB (the former two are I'd say are below average in my current group), personable individuals, and at least average comp (yes, I'm asking for the world here). Especially challenging since most of stories I've heard about the EBs / BBs lack in at least one of the aforementioned criteria.
Yeah I hear you - I think it definitely makes sense to test the market and be opportunistic. Unfortunately, as I'm sure you're well aware, strong deal flow and WLB tend to be mutually exclusive. Based on my understanding of where comp sits at for the globals, I don't think you'll get that much of a substantial pay bump unless you move to a seat that pays in USD. All of my friends who stayed A2A at the Big 5 who want to stay in Canada long term chose to remain with their groups or lateralled to a more desirable group but within Big 5 still. From what I recall, a few had socialized the idea of moving to a global with a better brand (i.e. EVR, GS, CS, etc.) but everyone was a bit speculative on the trajectory post-ASO3 as the satellite offices are smaller and deal flow arguably more cyclical.
BAML is the pick of the BBs, Greenhill is the pick of the EBs and might honestly be the best overall shop in Toronto if you take into consideration comp, culture, and dealflow. RBC best for Canadian bank with some US optionality. RBC USA is also happy to transfer Canadians up there as the juniors are generally stronger for RBC in Canada - that's actually a pretty nice way to get a bump up in comp and exposure to US shops, all while not looking over your shoulder with a TN (you can do an intracompany transfer, though will typically need a couple years in the role to be eligible for an l1). TD is right up there for just Canadian focus. Easier to get into Onex (if you don't value your life) or Altas from RBC than TD though.
GS, MS, CS, Barclays,and Citi all have big offices. UBS and JPM are small and probably not worth going to and im not sure about BAMl heard they had a trading floor though. JPM is corporate banking I believe. I think CS pays in USD and GS and MS pay same as NY but CAD. I heard Barclays is a really good office and less sweaty than NY with good pay. In terms of EB Evercore and Greenhill have a large office and Lazard has decently sized office. Not sure about EB comp but was told they pay in USD but take that with a grain of salt.
What? How many bankers does Citi have in Toronto again?
Citi TO is ~10 people so not huge.
JPM is restarting their TO IB practice so it's very small right now but they're looking to grow.
heard from my friend at greenhill that they recently raised base comp to C$115k and C$145k for 1st and 2nd years. big bonuses this year too
they're hiring laterals pretty sure
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