Thanks for adding that.

Worked in leveraged finance team before. My personal understanding is – some banks think leverage finance is closer to their “balance sheet” business, like traditional term loans & revolvers. As Brian mentioned, LevFin under commercial banking department is highly likely working with corporates rather than sponsors. The loan purposes are typically general corporate purposes/refinancing.

Potentially, yes, because different headhunters target different groups and firms based on the names and what they know about them. But, again, I can’t say for sure as we haven’t researched this topic much.

Do you believe that the exit opportunities would differ between both different types of “LevFin”?

I do not, sorry. There was another comment or question about this point on this page. I would assume that LevFin within commercial banking probably has a somewhat slower pace and may be a bit less focused on LBO deals and more on the use of high-yield debt for other purposes, but I’m not 100% certain of that.

Do you know why some banks have Leveraged Finance falls under their Commercial Banking line? For example, I see RBC has Leverage Finance falls under their Capital Market team, but CIBC will have LevFin falls under Commercial Banking?

Does that mean the scope of work would be different?

I am not really sure about that one because I’m not familiar with the role. I will see if we can research and cover this topic in the future.

Good question. I am not 100% certain of that, but yes, I would assume that LevFin within commercial banking is different and is probably a bit more like corporate banking in terms of pace/hours. But even that is a bit confusing because corporate banking varies wildly based on where it sits within the bank. You probably get similar deal exposure, but the experience might be “discounted” a bit if it’s not officially within IB.