Calgary, the center of Canada’s oil and gas industry, has lost senior investment bankers from Morgan Stanley, Barclays Plc and Citigroup Inc., a signal of banks’ new approach to the energy sector and declining deal flow.
The departures reflect a variety of forces, including a shrinking pool of major oil producers in the city and global banks’ heightened focus on renewable energy, as well as their own environmental metrics. Canadian banks have been more willing to provide credit to the country’s energy firms than their international rivals, and are therefore winning other business too, said Adam Dean, president of Dean Executive Search in Toronto.
