Houston vs. NYC Differences in Culture
Hey everyone, so this has been a question on my mind for a while now. Im trying to understand the main differences between Houston and NYC firms other than the obvious (weather, people, etc). What are the differences in culture?
From what I've heard, NYC firms seem to take on that "city that never sleeps" mentality and seem to have a fast paced atmosphere where if you don't keep up, your eaten alive. Yet, Houston is obviously more sector focused but also seems to be more laid back with less of the stress that comes with any career in New York.
What do you guys think are the differences, the pros and the cons, and what do you personally prefer?
It doesn't hurt that Texas doesn't have state tax!
I've looked at banks in both NYC and Houston. I may be off, but here's what I've gathered about cultural differences.
The primary difference between Houston and NYC is the exact same factor that applies in NYC - it's all about your group! Group, group, group, group. Your group is going to determine culture even more than the city.
You might have a laid back group in one bank in Houston and a wound-up and hard-working group at another bank in Houston, just as you might have between any 2 groups you could choose in NYC.
Investment banking is investment banking - if you're at a bank that either has offices all over the world (like any BB or EB) or a bank that competes with those banks (like Simmons or TPH), then their intensity/pace won't be that different than what you find in NYC. The reason banking is intense is because of C-suite exposure, tight deadlines, high expectations, etc...and that doesn't change regardless of the location or group (but it will by bank if you're at a tiny regional player).
You could place a banker in Houston in any other city in the US and they'd do just fine, from a work standpoint. Banking is banking. When I say this, I'm leaving out the technical aspects of O&G banking so take this with a grain of salt...that being said, if you do airlines or real estate or FIG then banking will also be different, so I guess some (not all) industries have their quirks.
Houston has a ton of PE shops and the 2nd most Fortune 1000's outside of NY (72 for NYC, 49 in Houston, and 22 in ATL and Chicago). How that translates to Houston being more laid-back, I'm not sure, but there's definitely a high cost for failure in banking in Houston, so I'm sure that to some extent bankers are still very intense and focused.
Thank you for this! I always thought the difference in culture would be drastic due to the change in landscape. But what your saying is 100% true. Even the deals worked on must be drastically different (size, scale) based on the different coverage groups
One point worth mentioning. I was talking just about bankers and the work - not about everything else.
I think there is a difference in terms of people, but I think the difference is smaller between bankers, and more pronounced in everyone else.
-- Again, a banker is a banker. NYC = more people from the Northeast (so more of an East Coast vibe) while Houston = more people from Texas (so more interest in football) --But for everyone else in your circle who's not a banker, Houston will definitely be more laid back and lifestyle oriented. --Also, Houston is not as fun of a city as NYC (obviously), so afterhours life will definitely be different.
Main take home message: During the many hours you're working, you won't notice much of a difference as a Houston banker vs. NY banker. During the few hours you're not working, you will notice a difference as a Houston resident vs. NYC resident
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