Top 15 Investment Banks in Canada?

Question

I've noticed that Canada has far fewer investment banking offices compared to the U.S., even when accounting for the population difference.

Could anyone provide a list of the top 15 investment banks operating in Canada? Preferably with offices in Toronto or other English-speaking areas (since Montreal often requires both French and English).

Thanks!

Answer 1

Hi,

you're absolutely right!! Canada's investment banking scene is much smaller than the U.S., but it still has a strong presence (especially in Toronto). The market is dominated by domestic banks, which all have significant investment banking operations, alongside some global players.

Domestic Banks:

RBC Capital Markets
TD Securities
BMO Capital Markets
Scotiabank Global Banking and Markets
CIBC Capital Markets

Mid-Sized Banks:

National Bank Financial
Canaccord Genuity
Desjardins Capital Markets
Richardson Wealth

Some Global Players

Goldman Sachs Canada
Morgan Stanley Canada
JP Morgan Canada
Barclays Canada
Citi Canada
Evercore Canada

Let me know if you need more details on any of these! ☺️

Answer 2

Hi there,

Great list already from Rita. I’d just add a couple more names that are worth having on your radar, especially if you're targeting analyst roles in Toronto.

Beyond the Big Five and the usual globals like Goldman and JP, firms like Lazard, BDA Partners (especially for cross-border Asia-related deals), and Moelis have been building a bit of presence in Canada too. Blair Franklin is another boutique that’s quite active locally.

In terms of relevance, RBC and TD are super important in the Canadian market. And Canaccord, while technically more mid-market, is super involved in capital markets deals, especially in mining and tech.

So yes, the ecosystem’s smaller than in the US but still competitive.

Let me know if you want any tips on applications or firm-specific prep!

Answer 3

Hi there,

maybe not quite what you were looking for (even though Rita already gave a good answer), but maybe still helpful: We have created a report of the salaries you can expect in IB in Canada, which you can find below.

? Salaries in Investment Banking in Canada

Maybe it will help to choose the right firm. ?

Best,

Your PrepLounge Team

Answer 4

Having worked in both consulting and finance, I’d say the main difference is the focus. In consulting, it’s about big... (ganze Antwort lesen)

Having worked in both consulting and finance, I’d say the main difference is the focus. In consulting, it’s about big-picture problem-solving, like helping a client expand into... (ganze Antwort lesen)