Houston Banking 2025 Prestige Ranking
I am a senior at a top target school in Texas, and I interned at a top bank in Houston (EVR, GS, JPM). Here is my honest take on Houston's ranking based on my understanding.
S Tier
1. Evercore:
Not even close. Evercore consistently touches both corporate-level marquee deals and large asset-level transactions, including SM, Crescent, and Colonial Pipeline. Coverage is vertically structured with true rainmakers in each vertical. Analysts get broad exposure across RX, PCA, and defense, which is rare in Houston.
Culture is the biggest drawback—some senior people lack basic human decency. Recent exits are elite, including top hedge funds (Yaupon) and infrastructure / PE platforms (Stonepeak, GIP).
2. JPM:
Amazing year for JPM. Touched multiple public deals, including Crescent, SM, and Viper. Analysts get full-spectrum exposure across M&A, ECM, and DCM. Culture is mixed—one Jonathan is great, another is notoriously difficult.
Midstream has historically been their weakest vertical, but the recent Bradley hire may change that. Recent exits include Blackstone Infrastructure, KKR Infrastructure, and strong NY placements.
3. GS:
A relatively quiet year for a whale-hunter like GS. Strong on OFS and capital markets, but limited large asset deals. Analysts generally receive less hands-on modeling exposure compared to peers.
That said, GS is still GS—A2A mobility is very real, even to NY TMT and Industrials. Surprisingly better WLB than JPM / EVR / JEF. Exits are decent but not standout.
4. JEF:
Highest on league tables in terms of deal count. Worked on Antero sell-side (HG), Crescent, Colonial, plus numerous smaller A&D and sub-$1bn transactions like JW Power.
Culture is brutal—very old-school MDs and high burnout. Many analysts leave after one year. That said, exits are strong: Quantum, EnCap, Stonepeak.
A Tier:
5. MS:
Weaker overall than GS and JPM. Was on Colonial. Exits are solid but not elite (Pearl, First Reserve). Recent power exposure post-merger is not necessarily a positive signal historically.
That said, culture is good, and analysts often work on waste and politically sensitive transactions, which builds judgment and credibility.
6. RBC:
Good deal flow and exposure to Baytex, Antero, Woodside, and Diamondback. Culture has deteriorated recently due to weaker MBA associate quality.
Exits are underwhelming relative to deal exposure (Arroyo, small startups). Not a great platform for NY laterals.
7. Citi:
Still respectable despite significant MD departures. Worked on IFN Utica, Diversified Energy, and niche water midstream deals. Culture remains strong.
Exits are quietly good (I Squared, Stonepeak, EnCap), but deal momentum going forward is questionable.
8. TPH:
Worked on Encino Natural Resources and Diamondback. Heavy upstream and LNG focus. Energy transition coverage feels largely superficial.
Extremely sweaty culture, territorial MDs, heavy nepotism, and one of the most dysfunctional recruiting processes in Houston. Analysts frequently dislike the job.
9. Piper:
I know it’s controversial to rank Piper this high, but the people and culture are genuinely excellent. OFS executed ~30 deals, and midstream touched the $2bn MPLX transaction.
If you want to be a career banker, this is a great place. Exits are mid but diversified (Amberjack, Platform, Peak Rock, CenterOak).
10. Moelis
A lot is going on here. Deal flow is clearly picking up, but the platform is becoming a sweat shop. Mixed signals overall.
B Tier:
10. BofA:
Strong brand name, but middling deal exposure and exits (random AM roles, Deep Blue, small energy PEs). Interns reportedly work ~40 hours a week. Culture is good.
11. PJT:
Elite name, but I haven’t seen them on a single visible Houston deal. Heard they do a lot of continuation vehicle work that doesn’t get publicly marketed. Exits are surprisingly solid: one to a HF, another to Citi Houston.
12. WF:
Low-key underrated. Poached several MDs from GS and other BBs. Strong focus on DCM and asset-level transactions. Touched Mach Natural and Antero. Exits are weak (e.g., CrestRock-type platforms).
13. Mizuho:
Worked on EQT and some smaller midstream transactions. Heavy focus on debt raises. Recently hired a lot of SMU talent and appears to be expanding. Culture is reportedly fine.
14. LAZ:
Weak deal flow overall. Houston sits under the NY Power, Utilities & Infrastructure group. Recent exits are decent (Sterling, NY PU&I). Unclear whether Chris Miller will materially change momentum. Analysts seem solid.
15. Barclays:
Midstream is their core strength. Frat-heavy culture—not for everyone. Still a BB, so exits can be strong (Quantum, Kimmeridge), but I wouldn’t personally choose it.
C Tier:
16. Scotia:
Worked on Encino and LNG deals. Offers international exposure and has a good culture. Belief that Ryan can continue to grow the platform.
17. Intrepid:
Merchant bank model. Platform appears to be in decline.
18. Truist:
Gradually expanding and marginally touching larger deals. Exits include Energy & Minerals Group and another newer sponsor. Analyst class is solid.
19. TD:
Midstream-heavy with an upper-middle-market focus. Common UT Austin safety option.
20. Roth:
New office started by Doug. Very lean team right now (one VP, one associate), but plans to scale from ~3 to ~30 people. Touching multiple international assets. Surprisingly decent name if growth materializes.
21. HL:
Avoid. Multiple firsthand accounts of poor treatment by seniors and associates.
22. Guggenheim:
Pitch-heavy shop. Five MDs and only one meaningful closed deal (~$600mm Berry). Would choose Petrie over Guggenheim. Office likely shrinking.
23. Petrie Partners:
Would take Petrie over Guggenheim without hesitation.
24. Texas Capital:
Primarily DCM-focused.
25. Barid:
Energy transition team with only one analyst, sitting under other offices. Another analyst starting soon.
26. Raymond James:
Primarily an ER shop. The advisory arm is small with limited deal flow. Not comparable to EVR or TPH despite frequent analyst comparisons.
D Tier:
27. KeyBanc:
No clear relevance in Houston energy.
28. Cantor:
Disorganized platform. Surprising senior talent movement here.
29. Zions:
Unclear positioning.
30. CIBC:
Minimal presence and relevance in Houston energy banking.
Based on the most helpful WSO content and your detailed breakdown, here's a concise summary of the 2025 Houston Investment Banking Prestige Rankings:
S Tier
A Tier
B Tier
C Tier
D Tier
This ranking reflects a mix of deal flow, culture, exits, and platform momentum. If you're targeting Houston, Evercore, JPM, GS, and JEF remain the top choices for prestige and opportunities.
Sources: Is Prestige Really All That Important?, Investment Banking Prestige Rankings for Finance World., Prestige Rankings London, 2022 IB Prestige Rankings
Evercore come grab your intern rq
You must be working at HL/LAZ/GUGG. Sorry your firm’s Houston team is bs.
Found the Evercore intern
EVR belongs in A. Solid rebound year but they were shaky for a while. And fee share was lower than the rest of your S tier.
JEF had #1 fee share and deal quantity the last two years. GS had highest total transaction value both years. They should be one and two in whatever order. Piper shouldn't be anywhere near that high. They have a trillion MDs cranking out $90mm sell-sides, who cares.
Generally agree with the rankings though. Very good for a summer intern lol
I’d argue Evercore belongs in S-tier. It depends on who you ask, but no one is going to throw shade at them. That said, and without being redundant, Energy has historically been a Jeff vs. Goldman debate (documented over 10 years on WSO), with one being a deal factory and the other known for landing the occasional marquee, “sexy” whale transactions.
This is what no sex does to a man
Congrats on evercore!
Thank you!
Congrats on being the highest paid bankers in Houston
Where would put Societe Generale?
I only saw them on project finance side
I'm a freshman at a Texas non-target thinking of transferring to a target for Houston for my sophomore year. Are the main targets UT, SMU, Rice, and A&M? Am I missing any else? and how should I rank the 4 (I know I prob won't get accepted to all 4, but if I did, and was set on Houston, how should I rank them)?
I may be a bit biased, but at Rice there are roughly 30 sophomores recruiting for the 2027 Houston cycle, and it seems that about half have already secured offers at firms like Evercore, Jefferies, Moelis, Citi, RBC, Guggenheim, and Piper Sandler before Christmas. Bulge brackets and some boutiques such as GS, MS, JPM, BofA, Roth and Lazard haven’t formally started yet. I’m less certain about SMU, though I’ve heard Spindletop is quite selective, and at UT the process appears to be extremely competitive internally.
Again I am biased but you should choose Rice!
Go to tcu, strong Jeff pipeline and general pipelines at all HTX banks. Good network. Expensive but they give good aid
You’ll miss the SMU Alts timeline since you are a freshman already. SMU still places super well either way. Get internships and mass apply.
Piper Sandler is an OFS shop. It should really be much lower. Guggenheim should be above Lazard. How is PJT not at the bottom? Also I think Miz/GHL did Jera/GEP and a couple of large midstream deals this year. Where did you get the SMU talent thing from?
just curious, but the post details seem pretty damning re: guggenheim. how are they possibly above lazard?
Guggenheim has at least a couple of significant deals. Lazard literally has no deals
Piper has great culture but not super prestigious (only OFS) def should be bumped down a tier
Need to move JPM, Evercore down and JEFF up. No idea how MS is 5 either
JPM did Endeavor, Eni, Hess, Chesapeake, Viper, SM, Vital, Diamondback, and hired Brad to spearhead their midstream branch. Why you wanted to move them down
Evercore is definitely a s tier for its pay. Even a mediocre year in Houston gives them above street pay
any range for numbers?
This is what not getting into Spindletop will do to someone.
Congrats of having some EVR coffee chats though!
Any world where GS and JEF aren’t 1 and 2 is delusion. Also why are we ignoring Detring?
Your life must be miserable right? In what universe should Detring Advisor be included in the discussion? I can put PPHB, Opportune, KEW, statesman, and the list can go forever.
I also don’t go to SMU, so don’t know why you hate me so much. EVR has the highest payment and delivers good results in 2024/2025, which is universally acknowledged.
Does bro go to rice? Cause it’s sad this is what you’re spending your time doing
Baird / Texas Capital / Rothschild / Piper (OFS? Holy shit what an awful career move) are all D tier
Lazard isn’t even close to B tier
TD is probably D tier - their only exits are lateral to to other banks…no clue why they have been so bad in Houston for so long
There he is - high hopes (or should I say low hopes) - comin round talkin mess on Lazard every chance he gets
This guy probably got fired from LAZ for being a dunce
Any culture/comp info on Petrie? Odd that they would be ranked below gugg given your comments on both banks lol
PJT should not be anywhere near the top 10
can any current bankers speak on the pay # ranges for these shops?
I saw someone got incoming 2027 at Houston Evercore. Evercore applications haven't even opened. Did they do a competing offer Im confused?
Yes—EVR Houston is moving very aggressively. They run an invite-only accelerated process and typically advance around 30 candidates. From what I’ve seen, at least two Rice candidates and one from Penn State have already signed, and I believe the remaining seats are likely to be filled before Christmas.
What about Lazard Houston any word?
does evr still have seats?
Thorough list. You missed Frost Bank (great for tractor equipment financing), Amegy Bank (depreciated F-150s) and a handful of elite pawn shops
Did Lazard Houston come out
No Jan
When in January how do u know?
Following up.
What about TPH?
They already accelerated half of the people but it seems like no body took it lol. Everyone wants EVR/JEF/MOE
So if I didn’t hear back from them it means I’m cooked right?
I previously worked at one of the “A tier” banks on this list (not RBC) and have always thought RBC deserves way more credit than people give them. Can’t speak to culture or exits (which I’m sure are just fine), but as far as deal flow goes, it seems like they are on just about everything. Just look at their tombstones on the RBC Rich Barr website - they’ve had a seemingly fantastic 2025.
RBC should be the highest ‘B’/B+ because of their low comp. I know someone who interned there last Summer.
Not as relevant but would appreciate any comments on how international friendly each of these are, esp. recently.
I understand GS, Jefferies are generally intl-friendly. I have seen intl examples at Piper, JP Morgan, Moelis, Scotia, BofA, Evercore, not sure how intl friendly are these in general though? How about the rest (MS, TPH, RBC..)?
Worth noting that this year some firms have pulled back on sponsorship. Piper and TPH are the most obvious examples. Even Jefferies, at least in Houston, has been less willing to sponsor than in prior years.
I landed an Associate Internship at one of the A-level banks from a TX target school and maybe 1 of the ~20 internationals from my school placed.
Edit below:
I was told during recruiting that even banks that said they would sponsor aren’t sponsoring. So if you have hustle and are a local you’ll do fine. I feel for the internationals though.
When will Lazard Houston and Rothschild come out?
Has anyone heard yet?
Shockingly accurate for an intern
What?
What?
Senior in college with no true work experience dishing out "prestige rankings". Gotta love it!
Lazard and Rothschild are out.
Is Raymond James ER in Houston well respected?
Is Raymond James ER in Houston well respected?
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