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Canada has a strong investment banking industry that supports the domestic market and serves as a global hub for mining and resource companies.
Investment banking in Canada revolves almost entirely around Toronto, with much smaller centers in Montreal, Calgary, and Vancouver.
With the recent downturn in the Canadian energy industry on the back of lower oil prices, Toronto’s relative standing has only grown (at Calgary’s expense).
US client company coverage depends on size and investment banking capabilities. Bulge Bracket banks and Elite Boutiques will cover large sums and big hats, medium sized banks will cover medium and small businesses, and regional boutiques or industry boutiques will cover small hats.
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Canadian capital markets are generally much less deep compared to the US (the Canadian investment banking market is much smaller with a smaller pool of investors).
For example, when a Canadian company issues debt in the public markets, it has to be relatively small in size (150-500 million Canadian dollars) due to insufficient market demand (Canadian bond buyers) and the limited number of bond investors in Canadian dollars. Like Canadian insurance companies or asset managers, they don’t have enough cash. Large Canadian borrowers often go to the United States instead.
In Canada, the investment banking sector is dominated by local operators or the Big Five banks – all of which are global banks whose core business is commercial and retail banking, but who also have capital markets arms. These banks are:
This list has shrunk significantly from the past few years as the Canadian investment industry has matured and consolidated.
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Mergers and Acquisitions – As one might expect, Bulge Bracket banks have popped up in Canada and are usually in the top 10 for M&A as most deals will take place across borders using their global networks. Whether it’s a Canadian pension fund looking to expand overseas or a global corporation buying Canadian assets, Bulge Bracket Bank is usually involved. RBC and BMO have greatly expanded their presence in the United States and compete with Bulge Brackets. Meanwhile, for domestic M&A, the Big Five dominate the business:
Debt Capital Markets – Large scale banks will be instrumental in issuing US dollar debt to larger Canadian companies, as well as issuing junk bonds and leveraged loans through leveraged financing teams.
Meanwhile, the Big Five act as relationship lenders through their corporate banking subsidiaries, so they usually participate on a pro-rata basis in any debt capital markets (or equity capital markets business).
Equity Capital Markets – Raising shares in the US by large Canadian companies (such as initial public offerings and secondary issues) often includes Bulge Bracket banks since they have a rolodex with large institutional investors on the buy side.
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As previously discussed, nearly all coverage will take place out of Toronto, while all francophone coverage will be out of Montreal and corporate banking will be in all markets compatible with investment banking coverage.
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Historically, investment banking placements have come from undergraduate schools that focus on business. By contrast, historically, American investment banks have recruited from the most prestigious colleges and universities and not just from business-oriented colleges and universities. Historically, senior high schools have always been:
Recently, however, the leading Canadian universities have begun to progress quite well. Many banks have begun initiatives to expand beyond the traditional feeder pool of business schools and now welcome STEM majors. With the expansion of the list of semi-targeted schools to:
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Similar to the US, the Big 5’s investment banking is worth about $85,000 at the analyst level — knowing that’s in Canadian dollars at the last long-term exchange rate of $1.30 in favor of the US dollar.
At the associate level, compensation is materially less from a basic perspective versus global counterparts, but the bonuses are a higher multiple than base salary. This direction is the same for every subsequent position on the ladder.
Base salaries for Canadian partners in the Big Five are C$100,000 to C$125,000 while bulging brackets will pay close to C$200,000 in base salaries (similar to the exchange-adjusted US base).
Bulge Bracket bonuses in Canada are lower as a percentage of base salary and are generally the same as in the US adjusted for foreign currency.
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Covid-19 has hit Canada hard like most other countries in Europe and the Americas, prompting major changes in investment banking. Eastern Canada, where most investment banking takes place in Toronto and Montreal, has been hardest hit by the coronavirus.
As such, most Canadian investment banks and broader capital markets franchises have adopted working from home with most client interactions and internal meetings taking place over Zoom and Microsoft Teams.
Although the number of Covid-19 cases is not as severe in Canada compared to the United States and Europe, the Canadian economy slowed in 2020 and is likely to experience weak growth in 2021 as Canadian exports and trade are primarily with the United States.
However, Canadian investment banks have remained busy despite Covid-19. Canadian issuers of investment-grade bonds have taken advantage of open capital market windows to shore up liquidity or refinance for early upcoming maturities due to market uncertainty.
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Also, the Canadian investment banking industry has more coverage of minerals and mining than mining in its economy. Precious and base metals rose and miners big and small took advantage of the Canadian capital markets to raise equity cash.
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As one of the world’s leading banking and financial institutions, Bank of America offers a variety of financial services to individuals, businesses, corporations, and governments. Ready to find out if working at Bank of America is the right career path for you?
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Although some parts of the company date back more than 240 years, the main branch began in 1904 as the Bank of Italy in San Francisco. The company became Bank of America in 1930 and has since grown to be the second largest banking and financial services company in the United States, reporting revenues of $89.1 billion and assets of $3.2 trillion in 2021, and employing more than 200,000 employees.
Bank of America is headquartered in Charlotte, North Carolina and operates worldwide, offering a broad range of banking, financial, investment management and risk management products and services.
Dedicated to helping all customers achieve financial success, Bank of America uses industry expertise, innovation, and cutting-edge technology (such as Erica, one of the industry’s first AI-powered virtual assistants) to achieve its purpose, revive its values, and drive responsible growth.
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Bank of America’s Campus Employment Division offers various programs to undergraduate, graduate, and entry-level candidates interested in working for the company.
Because of the pre-professional programs, college students in their sophomore years and beyond can join one of Bank of America’s outreach programs for opportunities to attend business seminars, networking events, and more.
These 10-week internships expose students to skills training, development opportunities, performance appraisals, and social events. Analyst-level training is for undergraduates, while associate-level training is for graduate students in MBA programs. Summer internships are Bank of America’s primary source of employment in full-time programs.
Full-time programs are two-year, rotating development programs in specific areas of work. As with internships, analyst-level roles in the full-time program are generally intended for students working toward a bachelor’s or master’s degree. Associate-level programs are for MBA students.
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Bank of America is currently hiring 17 different types of internships. You can check out open roles on their careers page – and stand out during the application process with our free B of A investment banking course.
These are Bank of America jobs in consumer and small business, wealth management, banking and global markets. Employees in this division work directly with individual clients in the United States, as well as institutional and corporate clients around the world.
Software Developers, Analysts, Data Engineers, Software Engineers, Scrum Masters, and more work in technology and operations. These positions work