Houston IB SA 2022 Mega-Thread
Hi all, just wanted to get an IB SA 2022 thread for those of us who attend Texas target schools (Rice, UT, SMU). Any info is appreciated.
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Citi Houston has interviews scheduled for my target on April 22
UT?
Does anyone know anything for Jefferies?
You mfs should run as far away from Houston energy IB as you can. It’s a dead / dying breed. If you’re into renewables / infra there are some shops who are converting rapidly to try to position themselves in that space, but most of the Houston bankers are likely to be gone in the next decade as energy consolidates and declines
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Any thoughts on who you believe are/will be most successful in the transition?
Great username.
Unfortunately Houston IB is the only option from my texas semi-target. Plan is to lateral once I get my foot in the door.
If you want to go that route, become really good friends with HR and people from other offices in your training class... then ask at the end of the summer if there're any openings
Updating this 2 years later. There was probably some unwarranted shade towards energy after going through a really down cycle for deal flow. 2 years later and a little smarter / more level headed, I think energy (conventional and transition) is one of the best places to be focused on for the next 5 years. I still don’t know how much longevity there is, and from a career development it is risky because so much of the analysis in energy is non-transferable to other industries, so I would still say all else equal a generalist seat is better. But it is definitely not going away anytime soon and the world needs conventional energy for another 2 decades at least. Within conventional energy - I’d be trying to be focused on midstream / infra as those are the most transferable to the energy transition opportunities that are still being developed.
Will come back in another two years to re-update everyone that energy is dead again when the supercycle doesn’t materialize and upstream companies start to outspend their cash flow
Legend. This is awesome
Houston has too many banks and bankers covering the space. RIP DB / BMO and more to certainly get closed.
Not a bad place to start a career but trying to be a career upstream banker starting as 22 YO now would be rough
too many bank policies against oil and gas lending and other headaches to maneuver
Should check out Tudor Pickering Holt. Evercore Houston also offering some on-campus info sessions
JPM, Citi, MS, GS, Moelis, BX, RBC, GP, HL, are all holding info sessions in March at my school. Lazard mid-Feb.
What about Jeff?
Jeff's coming march at my school
Here we go. More 20 year olds telling everyone how dead Energy IB is. Probably still on their parents health insurance.
Truth is you can’t tell these people they are wrong. Even if WTI was $100 and energy groups were the top profit groups at every bank, they would still chant the same narrative.
Nevertheless, those 20 year olds aren't wrong... As someone currently in the industry, I wouldn't willingly go into it if I had other options. Good place to start, but no longevity here.
on that note, with WTI at $58, and demand expected to improve as the year goes on, how's the deal flow looking like?
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Yeah its laughable seeing everyone saying how dead energy is. Probably the same people who shorted Tesla at $50 and GME at $20.
Reality is energy isn't as crazy as it was, but it's still a great place to be at the right bank.
If you're at Evercore or Jefferies, then you're doing great. I heard Jefferies Houston has protected weekends now and guaranteed large bonuses due to a ton of 2nd year analysts leaving.
Now if you're at UBS or BMO (rip), then maybe should try to exit to somewhere else.
Exactly. Seeing everyone bash on energy makes it even more of an attractive route for me.
Heard there was crazy 2nd-year analyst turnover at Jefferies (~6/7 out of 9 have left). Can you add more info on the group? What do you mean guaranteed large bonuses?
Yeah a friend that I know there has mentioned large turnover at the analyst level, believe the protected weekends / guaranteed bonuses were used as incentives. Don't know too much else about the group but think they've been on quite a few deals recently
The hundreds of bankruptcies in 2015, 2019 and 2020 don’t scare you? God bless, I absolutely hated that crap and couldn’t sleep at night working around it
as an incoming intern at one of the two shops you listed (EVR/JEF), you don't know how nice that makes me feel.
Thanks Ralph, very cool.
what do you mean?
I've heard of this recent protected weekend policy as well, my roommate used to work at JEF HOU and mentioned the culture has changed 180 and it's way more chill now. Apparently it's actually enforced, as in to work on the weekend you need to have clearance from the group head. Think Citi / TPH have recently implemented something similar as well
what were the biggest contributors to the change in the culture?
Don’t believe either one has something similar. Both have pretty long hours and I know TPH doesn’t have protected weekends. Also, I would look at the recent thread about Citi refusing to pay for seamless while WFH and the email from the MD to the analyst lambasting him for asking for a meal stipend.
Both have historically solid deal flow but I would not go to either one if WLB is the goal.
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