GS NatRes vs JPM Energy in London

Based on the most helpful WSO content, here's how GS and JPM compare for energy banking in London, particularly for a long-term career focusing on upstream O&G:

1. Goldman Sachs (GS):

   • GS is recognized as a powerhouse in Houston for upstream O&G, excelling in corporate M&A and upstream asset deals. However, in London, GS's energy presence appears less prominent in upstream-specific transactions.
   • GS tends to focus more on larger corporate M&A deals rather than asset-level transactions in the energy sector. This could limit exposure to upstream-specific deal flow in London.

2. JP Morgan (JPM):

   • JPM has a strong reputation for energy banking globally and is noted for its activity in upstream O&G deals in London. For example, their advisory role with Harbour Energy highlights their involvement in significant upstream transactions.
   • JPM's energy team in London seems to have a more consistent track record in upstream O&G compared to GS, making it a potentially better choice for someone aiming to specialize in this niche.

Key Considerations:

• Deal Flow: If your focus is on upstream O&G, JPM appears to have a more active and relevant deal flow in London.
• Long-Term Career: JPM's stronger presence in upstream O&G in London could provide better opportunities for specialization and career growth in this area.
• Global vs. Regional Strength: While GS dominates in Houston, its London energy team may not offer the same level of upstream exposure as JPM.

For a long-term career as an energy banker focusing on upstream O&G in London, JPM seems to be the stronger choice based on its deal activity and relevance in the sector.

Sources: Top Power/Utilities/Renewables Coverage Groups, Is Goldman Sachs's NRG (energy IB) still not as good as other big players in Houston for energy? Which banks are dominating?, Is Prestige Really All That Important?, Houston energy banking GS vs CS vs Barclays vs Citi - GS for PE exits?