A&D Houston - TPH vs Citi vs RBC

Just want to get your opinions on how the 3 compare to each other in Houston. I know Citi is rebuilding their A&D group after most left to join another BB. Both RBC & TPH seem to get good deal flow and I've heard good things about RBC culture but don't have any connections at TPH. Any info will be much appreciated.

 
Best Response

Don't know anything about TPH. Citi's all left to DB so they wouldn't be my first choice. RBC's A&D team is RBC Richardson Barr. They do a ton, but I've heard the engineers there handle the modelling. Don't know if that's always the case on the A&D side, but it sounds like you'd do less modelling than in a typical m&a group.

 

Citi's deal flow also wasn't that great...they would take w/e they could get their hands on which turned out to be a bunch of mid-stream deals...those are a PIA and I know alot of ppl were not happy about it over there

 

Their deal flow was pretty effing good - definitely midstream heavy but a lot of headline M&A. But the hours are abhorrent and the bonuses were a joke (esp in light of how good deal flow was). This was not a shake up, this was 2 MD's, damn near every associate, a few analysts, and a few VP's leaving (all to different places) over the course of a year. And that is not even including the A&D mass exodus.

 

I'm mainly referring to their A&D team. I knew a few of the people that left and most if not all came from different A&D shops working upstream with E&P companies and were unhappy with Citi's constant midstream deals.

 

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