Bay Street Layoffs
Any layoffs announced/expected in Canada?
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It will come don't worry. Shit will hit up north as well.
It will probably start at BMO and CIBC but its coming.
Do you believe that all offices will be affected (Montreal, Calgary & Vancouver as well) or mainly Toronto?
Thanks!
Montreal is probably similar to Toronto. Vancouver has a very small headcount so harder to say. Calgary will be driven more by expectations for the energy sector where 2022 was a decent year (not a ton of large M&A, but otherwise okay).
good because i know some dumb and lazy fucks over there
Not to say that it can't happen, but most of the Canadian banks have historically done layoffs Sept-Nov (e.g., I think BMO did a small round last Sept/Oct). I don't think that the Canadian banks staffed up as much as peers so might be less cuts. Some of the banks that have more exposure to US levfin (BMO and RBC) and banks that have seen overhead come up more (CIBC) might be more exposed. RBC has their Canadian Bank CEO conference this week. Will be interesting to see if there are any comments about their expectations for capital markets businesses.
From your experience, is it fair to assume that many bankers in Canada can work in IB their entire career without getting laid off once?
I have seen many senior bankers who started their career prior to the 2008 crisis and who are still at the same bank today.
It happens, but is not that common for bankers to stay at one place for their entire careers. Sometimes they leave by choice and sometimes by layoffs. I can only think of a couple of MDs that I have worked with at a couple of banks that have only been one place for their entire career.
Only saw 1 opening over the break and this is a sign of tightening I guess.
Just accepted my offer will I be affected? Also, how bad will the bonus be impacted?
Toronto? Which Group (no need to disclose the Bank)?
Toronto, P&U
Canadian banks are lean and there's often just a couple associates / analysts per vertical. Hard to cut half your junior staff on a whim. That said BMO seems to enjoy cutting associates, they do it in good years and bad, so I have no doubt they'll lead the charge again.
Expecting restructuring from some of the banks in Q1
This is a hilarious thread of speculation. Get a grip
RBC Calgary is hiring.
A bunch of juniors quit in December.
Lol seems like no banks in Calgary can hang on to people these days
Hahahahahaha oh that they are... that they are
my group head said all of FO is overstaffed but Canada runs pretty lean already. if business can pick up within the year, then no need to cull, but if it continues slumping then may have to cut
What kind of banker double speak did your GH give you? All of FO office is simultaneously over staffed, but simultaneously lean?
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