Houston Summer Offer rates
Curious to hear what return offer rates were like, given energy is getting crushed. I know a lot of banks are wrapping up today
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Would be interested in knowing this as well.
Heard from a buddy at a decently big bank that analysts ~2/3 and associates was ~1/2. From a bank that usually offers a lot more.
What bank?
Can confirm rates above assuming we’re talking about the same bank. Not Jefferies
ooof
Jefferies has 5 interns and extended 1 offer
holy shit, is this fr? I saw a comment somewhere else two people got cut
O.O
I think it's important to keep in mind how bad and cutthroat Jefferies(ESPECIALLY in Houston) is. This is probably not representative of energy banks as a whole.
Thought Jefferies hired more than 5 usually? Isn't their team in Houston pretty big?
Last year they had a large class, but only returned half. This year they had only hired 5 SAs, but once again are returning half (or less?). Jefferies Houston is not in great shape right now. Definitely a shell of its former self.
No I heard they gave 4 interns out of 6 offers... stop fear mongering
Edit, again I was correct. 3 summer analysts and 1 summer associate were given offers, out of 6 total interns
Can anyone confirm? I had two Jefferies interns reach out since my bank actually might have a spot and both cited the same 1/5 stat.
Would be helpful to know..
JEF Houston only had 5 SAs
Bump
Any insights on TPH?
Heard from a friend that some of the summers are sticking around for a few extra weeks. So the offers might go out kind of staggered as each wave of summers rolls off.
Interesting, any idea how it is looking over there?
Any update at TPH?
“Oh look a thread I’m interested in has 18 new comments.”
giant argument about Jefferies
It’s mainly just lance johnson who probably works at Wells Fargo or something talking trash about jefferies, they’re not in a great place rn, but so are most energy banks...
I heard they had no aso interns
Meant to reply to a Jefferies post
any word on JPM, MS, or GS offers ?
GS offered all summer associates not too sure about analysts, assuming 100%
100% for analysts as well.
Wells Fargo has never been relevant in Houston. Either a bad troll or a spurned junior banker.
WF has corporate issues + a weak energy team, certainly not in a position to throw punches
Did Barclays offers go out today? Anyone know how their Houston interns fared
100%
Associates too? How many did they have of each?
I summered at a bank that is similar to WF, but many on here rank them much higher on the “prestige” standard. I moved to the NYC office within the same group and recently started. I think I can offer some actual advice on this post because it really can be detrimental to college kids making decisions with a lot of this bullshit information.
WF is a strong energy practice. Quite literally, lead every single bank syndication and are bookrunners / arrangers on almost anything I have seen in ECM / Converts / HY. During my summer, they had just closed Buckeye / IFM and had won another huge midstream mandate over us.
I will also agree on JeffCo. They are truly dead. A&D is a completely dead space right now, and I haven’t seen them on any Midstream deal. In fact, I haven’t actually met or seen anybody from that office who actually does midstream. Do they actually exist?
I think Intrepid is in a prime position to truly flourish. Incredible industry connections through Skip and a built out RX practice, which is already paying dividends through CHK. I would group Petrie in the same boat.
I think Citi is going to do well. They are what my firm, and Wells, aspire to be like. Leading lending practice combined with strong ECM and even stronger M&A. A large team that has incredible industry connections + Trauber.
I think Evercore and TPH totally fucked. The most bloated banks in HTX. Relied almost exclusively on sponsor driven m&a, which is now completely dead in the water. They don’t lend and TPH is non existent in RX and Midstream. EVR saving grace might be midstream M&A, but that market is dead right now too. Midstream companies need debt, not advisory right now.
In terms of offer rates, my firm offered 4/5 in Houston. I know EVR did not offer 100% nor did WF, Citi, and Goldman.
EVR typically has 100% return offers unless someone really fucks up. This year was 75%....don’t agree that the office is fucked, but taking a hit as is everyone else
Thoughts on future of gs and jpm? And what were their return offer rates?
https://www.tphco.com/transaction-gallery/
???
https://www.spglobal.com/marketintelligence/en/news-insights/trending/K…
This kid doesn’t know how to use google apparently
Lol you think midstream companies need more debt? You fucking high bro?
Absolutely nothing you said is correct whatsoever. Either totally making it up or delusional.
Not true regarding returns. Citi offered 100%
Anyone who claims Jefferies doesn't have a leading midstream practice is either a 1st year analyst or doesn't work in Houston. Jefferies killed it in midstream in 2017, 2018 and 2019.
2017 - Medallion / Eagleclaw 2018 - Lucid / Brazos / Discovery 2019 - SemGroup / Oryx / Momentum
Jefferies got both the M&A fee and staple financing fee.
In terms of energy restructuring, Evercore has a majority of debtor mandates, especially for the sponsor-backed companies. Just because it's not in the news doesn't mean it's not happening.
Any idea what's happening with MS?
MS offered everyone, summer analysts and summer associates
jpm in Houston gave out 5 offers out of 9 interns I believe.
Is that just analysts or analysts and associates?
only analyst, pretty sure rate will be same for associates though.
yikes that is brutal
Without sounding like a douche, how on earth are some of these places taking 100% of associates? Seems bizarre.
I wonder if they expect some to decline/try to leave, or if they genuinely expect enough deal flow to return enough to accommodate the same # of associates as usual.
Houston banks will cut higher up the food chain at VP and director level (or not promote people to such levels). Also groups get embarrassed with schools for future recruiting if they lower offer rate.
Very curious about this as well. Is GS intending to cut rates for the next summer class?
Update on TPH?
Bump on TPH
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