Citi vs Scotiabank vs TPH (Houston offices)
Can anyone rank these banks Houston offices in terms of culture, exit ops, comp, dealflow etc? Thanks
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Historically TPH paid well above the other 2 and had one of the better cultures.
not sure if that’s changed with PWP relationship and Bobby retiring/changing roles
Citi and TPH both strong. You will work hard at both from my understanding (probably worse at Citi). Exits for both have been good. Personally, I liked TPH better when recruiting. As High Hopes mentioned above, Bobby and Maynard are retiring at the end of this year, so that might have an effect going forward. However, Bobby has been checked out for the last 2-3 years, so it’s not really that surprising.
Any idea on Scotiabank? Heard their analyst class placed well last year (NGP, Riverstone).
Not sure. Never recruited with them. I have seen some good exits, but I am pretty sure they cut a lot of their office a few years back. If I had an offer from all 3, I would probably take TPH, then Citi, then Scotia. I could see why some would take Citi though.
Makes sense, thanks.
Think of them as a Poor Man's Jefferies Houston (except you'll get more international A&D exposure than a JEF)
Fuck Scotia - Fucked their houston analyst class before the newest one by cutting them during covid, really close to their start date.
TPH - I've heard they're kinda cunty, but I had good experiences with the people I interacted with during recruiting. Take from that what you will.
Citi - Work hard but good exits. Best if you wanna leave Houston at some point.
Citi>TPH>>>>Scotia
Second. Citi is very sweaty, comp is barely street, but if NYC is the goal you can easily move after a year. If you're from Houston and want to stay, TPH has better culture and pay, you'll still work on great deals but the name doesn't carry the same weight outside of Texas given energy focus. It's person-specific, talk to people in both groups and see what you like.
Scotiabank is a distant third, not a major player in town. I'd only consider if you have no BB/EB offers.
Where would PJT rank here?
They don’t do much outside of Rx and it’s definitely not a household brand in Houston. NY? Different story.
What about Moelis? Evercore? HL? Lazard?
Have very close friends who interned at Citi and TPH this summer. Would not consider Scotia, they don’t do very many deals and deal size isn’t big. A shell of what they were a few years ago.
TPH- Culture is a shell of what it was a few years ago. Gave retention bonuses of $10K in stock that vests over 3 years. Huge facetime culture and a bunch of analysts have left or are looking to leave TPH and exit energy or move to other PWP groups. Know that 3 of their SAs this year didn’t want to return to Houston. Overall, not nearly pulling the talent they did a few years ago. They recruit at a lot of national targets but aren’t getting the best Texans like they used to.
Citi- Terrible hours and overall horrible culture. Spoke to someone who recently jumped from Citi Houston to a MFPE with a notorious culture and said Citi was way worse. Have really grown their platform under Trauber. Just hired a new A&D head from Intrepid and have been on a bunch of very solid mandates. Analysts and associates are a lot more laidback than TPH but culture overall is way worse. Supposed to have protected saturdays but know people who had every protected Saturday waved for months on end.
In my opinion, none of these places will provide you with a great experience from a culture perspective but it is banking after all. If I had to choose, I would go Citi>TPH>Scotia.
Why the MS? Everything on there is true.
Lot of incorrect info about TPH.
Sorry, clarifying question - how are we defining "culture"?
Is that just general awful hours?
And not favoritism or other petty drama among the junior staff + staffers (JPM maybe? I can't remember)
By culture, I’m talking about pettiness, sharp elbow culture, facetime requirement, and treatment of junior bankers in regards to valuing time and being understanding.
How is scotia in the same conversation….
Has a weird pipeline to NGP and other PE shops that you wouldn’t think look at their analysts
I thought they were historically on top and they place well despite having a small class. Didn't know they've fallen off so much.
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