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Canada’s M&A boom fuels hiring spree, higher pay

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Record-breaking dealmaking in Canada is encouraging investment banks to beef up staffing, but the increased demand for bankers is forcing some to pay up in unique ways to attract new hires.

Canadian mergers and acquisitions (M&A) year to date surged to a record $206.5 billion and IPOs hit an all-time high of $5.6 billion, according to Refinitiv, after the pandemic crushed dealmaking in the first three quarters of 2020.

HSBC, JPMorgan Chase & Co and National Bank of Canada are expanding their M&A teams.

“It continues to be an active market with lots of active discussions with clients going on as well, and so that has absolutely spurred on a need to fortify the ranks within the teams,” said Scott Lampard, head of global banking for HSBC Bank Canada.

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HSBC plans to boost overall investment banking headcount by 20%-25%, mainly at the analyst level to support pitching and executing deals, Lampard said.

PENT-UP DEMAND

With the pace of transaction expected to continue at pace, banks are paying more to hire and retain existing teams, offering a range of new services, like sending in a consultant to create the ideal home office, recruiters say.

“We’ve been doing this for nearly 20 years and we’ve never seen a market like this,” said Bill Vlaad, CEO at recruitment firm Vlaad and Company. “Everybody is scrambling,”

“Many of the banks have increased base salaries quite dramatically, mostly in 2021,” he said, adding salaries had increased 20%-40% across M&A roles.

“Now if you want to attract, you have to put something else on the table.”

To poach talent, banks are adding signing bonuses, extra vacation days, healthcare increases, special programs for mental wellness and home office perks, all tailored to individual requests, Vlaad said.

TD Securities, Barclays, CIBC World Markets are the top M&A advisers year to date. All three declined to comment on hiring plans.

Of the top deals announced this year, Rogers Communications Inc’s C$20 billion ($16.2 billion) bid for Shaw Communications Inc and Canadian National’s bid $33.6 billion offer for Kansas City Southern are the two biggest.

Despite the pandemic, five of the top six Canadian banks paid an average of C$3.1 billion ($2.50 billion) in total bonuses last year, up from C$2.9 billion ($2.34 billion) in 2019, an analysis of filings by Reuters showed.

Headcount at National Bank Finance will be up by four or five people in M&A versus the same time last year, David Savard, head of M&A at the bank, told Reuters.

That put the team at 28 for the large-cap M&A team and 10 for the mid-market team, he said, adding both areas were “booming”.

“There seems to be some pent-up demand for entrepreneurial-led companies and private companies doing M&A coming out of COVID,” he said.

David Rawlings, CEO for JPMorgan Canada, agreed headcount would be likely higher in the near future.

“We think activity will continue to be strong and are currently looking to selectively hire with a particular focus on senior diverse candidates,” said Rawlings.

($1 = 1.2453 Canadian dollars)

(Reporting by Maiya Keidan; Editing by Denny Thomas and Lisa Shumaker)

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In the news today: Public tribute to Mulroney in Ottawa, February inflation report – National Post

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Here is a roundup of stories from The Canadian Press designed tobring you up to speed on what you need to know today…

Public to pay tribute to Mulroney in Ottawa

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Members of the public who wish to pay tribute to Brian Mulroney can visit his casket in Ottawa starting this afternoon. The former prime minister’s casket is being brought to the Sir John A. Macdonald building opposite Parliament Hill this morning. The Governor General and Prime Minister Justin Trudeau are set to offer their condolences to the Mulroney family. Well-wishers can visit between 12:30 and 6 p.m. local time today or from 9 a.m. to 1 p.m. local time on Wednesday and sign a book of condolences.

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StatCan to release February inflation report today

Statistics Canada is set to release its February consumer price index report this morning. Economists expect the inflation rate to tick up above 3 per cent again after slowing to 2.9 per cent in January. The consensus expectation among forecasters is that prices rose 3.1 per cent last month from a year ago, reversing some progress made in January. The central bank has held its key interest rate at 5 per cent since the summer, the highest level it’s been at since 2001.

New Brunswick budget expected today

New Brunswick’s Progressive Conservative government is set to table its final budget before voters head to the polls later this year in the provincial election. The government had said during the last budget session that while New Brunswick was enjoying a wave of population growth, it came with challenges of providing housing, health care and education for newcomers. The next provincial election must be held on or before Oct. 21.

Credit delinquencies on rise among businesses

A new report suggests credit delinquencies among Canadian businesses are on the rise. Equifax Canada’s latest quarterly business credit trends report says there was a 14.3 per cent uptick in the number of businesses that missed a payment on a credit product between the fourth quarter of 2023 and the fourth quarter of 2022. Equifax says Canadian businesses are struggling with the impact of higher interest rates, a slowdown in consumer spending and pandemic loan repayments.

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Winter comes to a close as Canada’s warmest

The warmest winter on record could have far-reaching effects on everything from wildfire season to erosion, climatologists say, while offering a preview of what the season could resemble in the not-so-distant future unless steps are taken to cut greenhouse gas emissions. Winter comes to a close on Tuesday night — early Wednesday on Canada’s East Coast — with the arrival of the spring equinox. Experts say the drivers of this winter’s record-breaking warmth include natural climate phenomenon El Nino and human-caused climate change.

Taylor Swift collaborator Ethan Tobman chases Juno

Ethan Tobman has worked on music videos for Taylor Swift and Beyonce but he wanted to make something special for his childhood friend and Grammy winner Allison Russell. With his music video directorial debut, the Montreal-raised production designer took Russell to new worlds, transporting her to the desert and even tossing her off the edge of a cliff using green-screen technology. The stunning visual moments punctuate Russell’s “Demons,” which is nominated for music video of the year at the Juno Awards this weekend in Halifax.

This report by The Canadian Press was first published Mar. 19, 2024.

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Ukraine news: Canadian commander of volunteer group dies

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A Canadian-born commander of the so-called Norman Brigade – a volunteer fighting group in Ukraine – has died.

The news was first circulated through online chatrooms and social media posts and later shared by Russian state-owned outlet Sputnik.

Jean-Francois Ratelle, 36, was also known by the call sign “Hrulf.”

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Global Affairs Canada said it is aware that a Canadian has died in Ukraine, but would not provide his name, nor the cause of death.

“Our hearts go out to his family and loved ones at this very difficult time,” wrote spokesperson Grantly Franklin. “Consular officials are in contact with local authorities for further information and are providing consular assistance to the family.”

 

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Brian Mulroney's sons thank Canadians, politicians for outpouring of support – CBC.ca

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Former prime minister Brian Mulroney’s three sons thanked Canadians and federal political leaders for the outpouring of support they’ve received since their father’s death late last month.

Ben, Mark and Nicholas Mulroney spoke briefly to reporters after the House of Commons officially commemorated the life and legacy of the late Conservative stalwart. Their sister Caroline and mother Mila joined them in the gallery for the speeches that paid tribute to the man Prime Minister Justin Trudeau called “one of the lions of Canadian politics” 

Mark said listening in reminded them of what their father loved about politics.

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“And for us sitting up in the gallery, hearing everybody speak so positively — probably not what he was used to — but he would have loved it and we did as well,” he said with a laugh.

“He enjoyed every minute of the back and forth parliamentary process, the debate. And seeing it today, seeing how it was, we obviously understand what drew him here, but what also he loved about it.”

WATCH | Brian Mulroney’s sons react to MPs’ tributes to their father 

Brian Mulroney’s sons react to MPs’ tributes to their father

2 hours ago

Duration 1:34

Ben, Mark and Nicolas Mulroney say they are thankful for the tributes to their father in the House of Commons. Prime Minister Justin Trudeau, Conservative Leader Pierre Poilievre, NDP Leader Jagmeet Singh, Green Party Leader Elizabeth May and Bloc Québécois MP Louis Plamondon all honoured former prime minister Brian Mulroney with speeches on Monday.

Nicholas Mulroney, who was born during his father’s time at 24 Sussex, said it was “incredibly humbling” to hear from friends and former foes.

“Being the youngest member of the family, this is certainly not something I grew up used to and especially for the grandkids, they get to see and experience something so special,” he said.

“We’re truly honoured from people across the country and internationally that have taken the time to reach out to say nice things and words of support. I just want to thank everybody on behalf of the family.”

The family was in Ottawa for the start of a week of remembrance, culminating in the state funeral in Montreal on Saturday. 

When Mulroney died on Feb. 29 at the age of 84, the House of Commons suspended operations before going on a pre-planned two-week break.

MPs returned Monday on a sombre note as leaders and MPs rose to pay tribute to Canada’s 18th prime minister.

Trudeau reminisced about one of his last encounters with Mulroney at his alma mater, St. Francis Xavier University, when they toured Mulroney Hall last year.

WATCH | Party leaders pay tribute to Brian Mulroney 

Party leaders pay tribute to Brian Mulroney

2 hours ago

Duration 3:49

Federal party leaders stood in the House of Commons Monday to honour the legacy of former prime minister Brian Mulroney ahead of the state funeral, to be held on Saturday.

Trudeau said that as they walked together through a replica of the prime minister’s Centre Block office, they reflected on the “wisdom that he and my dad both shared, that leadership, fundamentally, is about getting the big things right, no matter what your political stripe or your style.”

“He wouldn’t let himself succumb to temporary pressure. He was motivated by service. And those things, those big things, have stood the test of history four decades and counting,” he said.

Mulroney’s Progressive Conservatives governed Canada from 1984 to 1993. He won two majority governments and steered Canada through several consequential policy decision points, including free trade with the United States, the end of the Cold War and the introduction of the GST.

“He had the wisdom to understand that the best way to fight back was to embrace our friends,” said Trudeau, who leaned on Mulroney when free trade negotiations were reopened with the Donald Trump administration.

“Brian Mulroney’s principles helped shape this nation, and the world, for the better, and we will all continue that work.”

Conservative Leader Pierre Poilievre opened his remarks by describing Mulroney’s humble origin as the son of a paper mill electrician in the forestry town of Baie-Comeau, Que.

“I was just becoming aware there was such a thing as prime minister when he had that job. And like millions of young people from similar backgrounds, we looked to him and said — if the Irish son of a working-class electrician from a mill town can rise to become prime minister, then in this country, anyone from anywhere can do anything,” Poilievre said to general applause.

Mulroney family members take part in a moment of silence prior to tributes to the late prime minister Brian Mulroney in the House of Commons on Parliament Hill in Ottawa on Monday, March 18, 2024.
Mulroney family members take part in a moment of silence prior to tributes to the late prime minister Brian Mulroney in the House of Commons on Parliament Hill in Ottawa on Monday, March 18, 2024. (Sean Kilpatrick/Canadian Press)

He also spoke of Mulroney’s famous personal touch, telling a story about meeting a mechanic in Ottawa whose father was a miner with the Iron Ore Company of Canada, when Mulroney served as its president.

Poilievre said that decades later, when the mechanic’s father died, Mulroney called the family, 

“That is kindness. That is humility,” he said

Poilievre said Mulroney elevated phone conversations to “an art form.”

“Using the telephone the way Michelangelo may have used a chisel or a brush, he would do it to make business deals, charm foreign leaders, and more importantly to comfort grieving or suffering friends,” said Poilievre.

“He would console, joke, or even throw in the odd curse about the unfairness of it all and his friends’ turmoil melted into the astonishment that one of the country’s greatest prime ministers had offered love and laughter.”

‘He can charm the birds out of the trees’: May

One of the people who received one of those phone calls was Elizabeth May, who worked as a policy adviser to Mulroney’s environment minister before becoming leader of the federal Green Party.

“I’d love to tell you what he said … he’s so darn funny, but I really can’t repeat it,” she told the House.

“There’s no real way to explain how he can charm the birds out of the trees. He sure as heck could.”

She praised the former prime minister for ushering in one of the world’s most successful environmental treaties, the Montreal Protocol.

“Brian Mulroney quite literally saved all life on earth when Canada stood up and launched the Montreal Protocol and saved the ozone layer,” she said.

“Let us continue to try to meet that example of a good-hearted, kind-spirited, generous and brilliant Canadian.”

NDP Leader Jagmeet Singh also applauded the former Progressive Conservative leader’s environmental record, his campaign against racial apartheid in South Africa and his respect for the role of journalists.

“Prime Minister Mulroney will be remembered as someone who took big chances while he was in office,” he said. “While there are great many issues, of course, he and I would not agree on, I want to acknowledge the legacy he leaves behind after a long career of dedicated public service.

“At a time of more heightened divisions, where some political leaders try to score points by pitting one group of people against another, Mr. Mulroney will be remembered as someone who tried to build unity.”

Bloc Quebecois MP Louis Plamondon, who was elected as an MP in Mulroney’s party the year he became prime minister, said he will be remembered as a great Canadian and a great Quebecer.

“He loved Mila, his wife and lifelong companion. He was so proud of his children and he cherished his role as a grandfather,” he said in French.

State funeral this Saturday 

Mulroney will lie in state on Tuesday and Wednesday in Ottawa near Parliament Hill. Gov. Gen. Mary Simon and Trudeau are set to offer condolences to the Mulroney family Tuesday morning.

His casket will then travel to Montreal ahead of the state funeral at St. Patrick’s Basilica on Saturday. 

His daughter Caroline, longtime friend and colleague Jean Charest and hockey star Wayne Gretzky will deliver the eulogies.

The funeral ceremony will begin at 11 a.m. ET and is expected to last two hours.

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