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Top 15 Investment Banks in Canada?

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!

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Rita
Coach
am 25. März 2025
Excel in Finance | FREE 15 Minutes Intro Call | Personalised Preparation

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:

  1. RBC Capital Markets
  2. TD Securities
  3. BMO Capital Markets
  4. Scotiabank Global Banking and Markets
  5. CIBC Capital Markets

Mid-Sized Banks:

  1. National Bank Financial
  2. Canaccord Genuity
  3. Desjardins Capital Markets
  4. Richardson Wealth

Some Global Players

  1. Goldman Sachs Canada
  2. Morgan Stanley Canada
  3. JP Morgan Canada
  4. Barclays Canada
  5. Citi Canada
  6. Evercore Canada

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

Natalie
Coach
am 27. März 2025
Ex-Investment Banker | Former Deloitte & Grant Thornton | Coaching Finance Candidates to Ace Interviews & Land Top Roles

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!

Nitesh
Coach
am 26. Mai 2025
9+ yrs of work ex in finance/consulting - Barclays/ x-Citi. 500+ hrs coaching exp. MBA IIM Ahmedabad, Engg IIT Kharagpur

Top 15 Investment Banks in Canada

  • RBC Capital Markets: Leads in M&A, debt, and equity; strong in energy/mining.
  • BMO Capital Markets: Excels in mid-market M&A; cross-border expertise.
  • TD Securities: Strong in TMT, ideal for VC-relevant deal exposure.
  • CIBC Capital Markets: Focuses on mid-market and resources; growth equity aligned.
  • Scotiabank Global Banking & Markets: Known for energy and Latin American deals.
  • National Bank Financial: Aggressive mid-market growth; rising player.
  • Goldman Sachs Canada: Handles large M&A; cross-border focus.
  • JPMorgan Canada: Strong in M&A and debt; global network.
  • Morgan Stanley Canada: Active in large-cap M&A and equity offerings.
  • Bank of America Securities Canada: Focuses on debt/equity underwriting.
  • Evercore Canada: Elite boutique; M&A and restructuring expertise.
  • Rothschild & Co. Canada: Niche in M&A advisory and restructuring.
  • Lazard Canada: Strategic M&A advisory; complex deals.
  • Perella Weinberg Partners: Energy-focused via TPH merger; M&A advisory.
  • Osprey Capital Partners: Mid-market M&A leader; growth equity relevant.
PrepLounge
am 27. März 2025

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

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