*Reduction of investment banking coverage in the U.S. to seven sectors from eight *Oil & Gas coverage banking is dead while corporate banking stays is moved to NY
Know quite a few folks at the office and have consistent heard negative things about the culture, pay, and work.
Thoughts, reactions, or comments?
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Only the beginning
Execute order 66
Was one of the incoming analysts in the Houston office - I got offered by HR to move into SF or NY (still IB)
Real shame. They'd been gutted over the past couple years but they'd still been placing junior guys at good energy funds. I like the guys that worked there but didn't get the sense that bonus time was a happy time and they weren't getting much deal flow.
I imagine that the decent senior guys will do okay and top bucket analysts should be able to lateral (hopefully they already had PE exits anyways) but I'd think that associates and VPs are the one that get really screwed.
Energy ... jobhunting ... sucks
So hard to pitch to anyone that they should expand
Things are better than 2 or 3 years ago, but there's still overcapacity, I'm afraid
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