Toronto vs. New York

How would you compare the two in terms of deal flow, value of work experience, and intensity of work? Specifically, I'm considering working in Toronto this summer at an investment bank. Would it be difficult to get a BB banking job in New York after graduation?

 

Basically depends on where you go to school and who you are working with.

Are you going to school in Canada? If so, what school? I've found that US BBs hire more from certain Canadian schools than others.

Who are you working with? Most Canadian banks have only small operations in the US where the deal flow is crappy.

 
Best Response

If we're talking NYC, then I would say CIBC WM might be the only bank worth anything (BMO Cap Mkts in Chicago)...but even this is a stretch. The US BBs don't give a shit about Canadian banking because their operations are miniature in the United States. Most Americans haven't even heard of TD Securities or Scotia Cap. I would say your best shot at a US BB job in NYC is if you are with CIBC WM and went to either McGill or Ivey (neither of which I would consider to be good business schools, but that's another forum).

That being said, if you're ultimate goal is to work in a US BB, then you should work in the NYC office of any Canadian bank regardless. In the eyes of a US BB, the only thing lower than working in a small US operation is working in Canada. If you want a better IB experience with greater flow and bigger deals, then Toronto is the place to be within any Canadian bank, without question.

 

Thanks for the advice. I actually go to school in America but my family lives in Toronto, so I was thinking of working there for one summer (I'm a junior) and then going to NY after college. What are your thoughts on trying to get an internship in Toronto at an American BB bank? According to you it seems like Canadian banks don't get much respect, but how would you compare the work experience at a Canadian bank in Toronto and an American BB in Toronto?

Thanks.

 

If you ultimately want to move to a BB in NYC, it would be most advantageous to work for that BB in Toronto. The actual work experience, however, will not be as good as if you worked with a Canadian bank in Toronto.

The top US BB in Canada is Merrill Lynch as a result of their takeover of Midland Walwyn about a decade ago, but they still rank below the Big 5 and National.

 

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