Recruiting for Summer Associates in Houston IB has just about wrapped up. Debrief thread to discuss results.
Overall, looks like UT & Rice placed really well. Much fewer UT MBAs recruited than usual. Rice MBA numbers seemed flat YOY. East Coast schools (especially Cornell) seem to be growing their share in Houston (especially at EVR).
What else do y'all have to add?
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At a northeast school and recruited Houston but chose elsewhere in the end. A few others from my school recruited Houston but have not heard their results.
Will be interesting to see if the much anticipated upstream consolidation takes place, it was a major turn off to hear so many bankers say deals had been shelved and put on hold. Wondering how much industry outlook affected overall numbers vs. banking being down across the board for MBAs.
Overall, was Summer Associate hiring down across the board in Houston? Seemed like some of the banks I was talking to had smaller classes than usual. (though, I did hear that Goldman was taking 6 this year, which seems absurdly large)
No way GS expects to make 6 return offers right? That seems pretty outrageous.
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I think the intern slot numbers generally depended on what segments each shop was exposed to. E.g. JEF slots were down sharply bc E&P A&D is their bread and butter vs. more diversified EVR with flat slots YOY.
You're definitely right--I should have clarified. I think interest in O&G banking was down significantly, but slots available were likely ~flat-ish.
Anecdotally everyone that was recruiting for Houston from Cornell Johnson got a gig. I've heard 4/4 placed, 1 at greenhill, 1 at goldman, 1 at jpm, and 1 at MS. Although, I ended up deciding on an nyc role over a houston role, it didn't look like associate recruiting was entirely down due to conditions, i think positions were flat overall and whatver specific differences firm to firm in hiring was just due to individual need.
People have a lot of guts recruiting for Houston oil and gas banking post MBA these days. The mood is very somber everywhere you look at banks here, perhaps with the exception of 1 or 2 places. While oil and gas isn’t going anywhere soon, the shale industry which drove deal flow in the US since the financial crisis is on its back and may begin to lose relevance in the global supply stack
What are the shops that still have a sense of optimism? I'm guessing EVR is one, since they have been very strong as of late.
Citi and Evercore have been doing well. CS has slowed down and so has TPH I think. MM firms getting slammed and so have A&D heavy shops like Jefferies and probably Scotia / RBC as well.
Given the news today...maybe EVR not as optimistic as previously thought. Scary sign for 5-6 ASO/VPs to get canned in HOU.
Just went through summer associate recruiting at Rice and landed at my top choice after multiple offers; don't really think the demand for associates has really waned but the # of people recruiting for them has; last year I heard 40+ recruited and that year Rice placed 22, this year 28+ recruited and 20 got spots
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