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Career Resources
Based on the most helpful WSO content, here's a quick rundown of Houston investment banking teams and their dynamics:
Jefferies: Known for its intense work culture, Jefferies offers significant deal experience and high compensation (often with clawback structures). However, breaking in can be challenging, as they tend to favor internal promotions or top energy group candidates. Their energy practice is strong, but expect long hours.
Moelis: They have been growing their presence in Houston, particularly in restructuring mandates, which is their core strength. While they are building out their M&A advisory practice, they still lag behind Jefferies in A&D (Acquisition & Divestiture) deal flow. The culture is reportedly laid-back compared to other firms.
JP Morgan: Dominates energy and power fees globally and has the largest IB presence in Houston. They are a top choice for energy deal activity and offer strong exit opportunities to private equity.
Citi: Leads in M&A advisory deal volume over the past seven years and is a strong player in Houston. They are second only to JP Morgan in IB employee count in the region.
Evercore: Known for advising on the most deals in recent years, Evercore is a strong contender for M&A advisory. They are highly regarded for their deal flow and client relationships.
Barclays and Goldman Sachs: Both have a solid presence in Houston, with Barclays being a consistent player in M&A advisory and Goldman Sachs maintaining a strong reputation across sectors.
Piper Sandler and Morgan Stanley: While not as dominant as the others, they still have a notable presence in Houston, particularly in niche areas.
If you're looking to lateral into an M&A/advisory-focused group, targeting firms like JP Morgan, Citi, or Evercore might provide the best opportunities for deal flow and career growth. Additionally, Moelis could be a good option if you're interested in restructuring alongside M&A.
Sources: Is Prestige Really All That Important?, Houston Investment Banking 2019, Jefferies 2022 Outlook, Lazard vs. Morgan Stanley?
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