With the huge impact that oil and gas has taken on due to corona, I can only imagine that there are going to be cuts to the amount of SA 2021 interns that will be hired. Any thoughts on how much the BBs and EBs will reduce hiring by?
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Simmons just fired 25% of their associates and VP last month
Does this mean that they are cutting costs in the higher levels to retain intern recruiting?
I'm sorry but no.
Do you really think a bank would cut their pipeline of future revenue generating MDs to retain their Zoom-interns?
Yes, banks choose to cut a bottom-bucket VP instead of cutting 5 analysts, but that is based on current employees at the firm. The bank likely has too many analysts vs. current deal flow, but they will all be gone in a year and go to PE to help maintain relationships.
But do you think Simmons is going to bring in an oversized 2021 analyst class while firing Associates/VPs? They will not willingly sign an oversized class out of good will to the interns. Remember a summer internship is a 10 week interview, and the number of spots just got cut.
can somebody let this guy know what sarcasm is
This is adorable
Can anyone comment on the return offer rate this summer at EBs (EVR/LAZ/TPH)?
What is tph?
Bobby....
No knowledge of the incoming intern class, but a BB is cutting the 2021 SA class size by 50% vs 2020. Not too much of a stretch to assume that similar actions will effect incoming return offer rates.
Do you mind PM'ing me the bank? If not, is this a bank that has done well in the O & G industry?
Good Performance. Like a previous poster mentioned, I think other dominos will fall first for non-restructuring firms with niche focus (Simmons, Jeff, RBC) and the poor performing BB could roll back their Houston office like DB did in 2018.
Wow
Hot Take: UBS, Bank of America, and Greenhill will shutdown their Houston IB office in the next year.
DB already made the choice to shutdown in an upmarket. Now that it could be until 2023 before we see U.S. production reach its current levels, the Houston IB market will be significantly reduced and the heard needs to be thinned.
Beyond the oil majors, the rest of U.S. O&G is worth less than Home Depot. How can these banks justify having a Houston office for so few deal fees? In finance terms, Houston has the lowest EV/Banker multiple, by far.
What about Moelis, Lazard and Evercore?
They have restructuring and are turning away mandates because they have run out of capacity. Obviously, its hard to say how the M&A side will perform long term, but these companies will make money as the shale industry dies.
Moelis Houston hired 2 new MD’s in the last two weeks. Don’t think they’re gonna be cutting that much with a lot of Rx work coming down the pipeline. Same could probably be said about Evercore and Lazard.
How big are the Houston offices for the BBs? 10 interns per year each?
4-6 on average. A handful are in the 8-12 range (Citi, maybe Evercore. CS used to hire big classes not sure if that’s the case anymore).
Varies. Bigger shops like Citi and Evercore are ~12 from what I've heard. Other "top" shops are closer to 6-8. Smaller offices like MS are closer to 4.
Barclays is 5-6 Analysts and 3 Associates, no change anticipated for SA 2021
Went to a diversity day at the EVR Houston office. They said they hire around 9 to 11 SAs, and there’s about 85 people total in the office.
why do you think BofA will close?
"Prospect in IB" giving out "Hot takes" only on WSO
Any comments on Citi? Would be very helpful
Curious to hear about Citi and MS
Given the way things are going, I'd be hard pressed to see either of those groups doing well for themselves in the next year or two unless the macro picture changes very quickly. Citi is just way too big (manpower-wise) at the moment, I don't think that will be sustainable if things stay the same. Don't get me wrong, I don't see them shuttering or anything like that but I'd imagine that growth opportunities for junior bankers will be limited and that class sizes will have to shrink going forward. MS is smaller so they could probably keep the lights on by getting on one or two big mandates a year.
Agree with the poster above referencing the shops with restructuring arms as having a lot on their plates. If you are a student going into summer or FT recruiting in the next 6 months, those are the shops that I would be targeting if deal flow is your priority.
Any word on TPH?
Bump, I'm curious about TPH as well
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