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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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
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.
"Prospect in IB" giving out "Hot takes" only on WSO