Which Trading Desk to join - RBC CM Delta One vs CIBC CM Leveraged Loans/High Yield
Current comp sci junior with no real knowledge of sell-side trading. Have a choice between joining either the Delta One Desk at RBC Capital Markets vs the Global Collateral Finance Desk at CIBC Capital Markets this cycle (both Toronto). What would general outlook be regarding profitability, interesting work, and exit opps from either bank? Seems I mostly made it through interview processes for coding background if that makes any difference regarding tasks I'd be given (teams spoke lots about automation and data analysis being applied though I'm not sure how relevant that will be). Enjoyed speaking with members from both teams so not too picky about that or salary/wlb (80k at RBC vs 90k at CIBC)
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I don’t know anyone at CIBC but if Delta One at RBC would get the chance to work with Matt and Julien, I’d take that any day of the week. They’re both super great guys that explain things very well and would be great mentors to start a career under. Good connection to New York on that desk too if that matters to you.
Source: Used to work on the desk directly adjacent to them ;)
Thank you for the advice! Really appreciate it and yeah I'd be working under them along with another associate from my school. Looking over products and chance for impact I was already leaning towards RBC especially since I was a bit more interested in public markets and it seems the work would be more technical and quantitative - but knowing they're great mentors really sealed it. Thank you!
What about teams focusing on trading sides, without computer sci knowledge. Is there any Delta teams for junior traders only?
Sry just to clarify is your 80k RBC and 90k CIBC thé base for analyst roles? Is your start date 2023 Aug post graduation? Thanks
This is for a 4 month winter internship. I doubt base would matter too much for FT since bonuses are an important part too.
As someone who used to do S&T go for the desk where you are passionate about the product and two where you are going to have good mentors. So much of this business is learned by people you sit beside. Personally would not worry too much on starting base if you perform well you will be compensated (i.e. higher bonuses and faster promotions).
Thank you very much for the advice - really appreciate it! Yeah I'm mostly just trying to see which product area I'm more interested in and who will be mentoring me, salary is not very important for me especially since I know bonuses are an important aspect which interns don't have access to.
can someone just talk more about delta one in general pls
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